FAQs on Annual information statement (AIS) and Taxpayer information summary (TIS)

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1. What is an Annual Information Statement (AIS)?

  • It is a financial statement that was introduced to simplify the tax filing pattern by making financial transactions available in one place.
  • As the name suggests, it is an information statement that provides the taxpayer with all the data that is displayed in their 26AS.
  • It also displays details that do not form part of a typical Form 26AS as an added advantage.

2. What is the difference between AIS and Form 26AS?

  • Even though AIS is an extension of Form 26AS, it is differentiated by the following,
    1. AIS additionally includes savings account interest, dividends, rent received, purchase and sale of securities/immovable properties, foreign remittances, interest on deposits etc.
    2. AIS also provides the taxpayer the option to give feedback on the transactions reported.

3. What is the TIS (Taxpayer Information summary)?

  • The TIS is a part of the Annual Information Statement which acts as a summary of each category of information in the AIS.
    1. The information in the TIS is aggregated into three parts,
      1. Information Category
      2. Processed value
      3. Derived Value

4. What do you mean by information category, processed value and derived value?

  • An information category is the category of information for which details are reported
  • Within an information category, the following information is shown,
    1. Part
    2. Information Description
    3. Information source
    4. Amount description
    5. Amount (reported, processed, derived)
  • Processed value is the value generated after the deduplication of information based on pre-defined rules. It is the value reported to the Income tax department by various reporting entities such as banks, Registrars, etc.
  • Derived value is the value derived after considering the taxpayer feedback and processed value. This value will be used for prefilling the ITR, if applicable.

5. How can the Annual Information statement be viewed?

  • The AIS can be accessed by following the below-mentioned steps:
    1. Step 1: Log in to the incometax.gov.in portal
    2. Step 2: Click on “Annual Information Statement (AIS)” under the “Services” tab from the e-filing portal after successful login on the e-filing portal.
    3. Step 3: Click on the AIS tab, on the homepage.
    4. Step 4: Select the relevant FY and click on the AIS tile to view the Annual Information Statement.
    5. Step 5:You can also download the AIS and TIS by clicking on the download icon in the respective tiles. You can download the TIS in PDF format.
  • AIS can be downloaded in PDF or JSON formats.

6. Is it possible for taxpayers to report errors in the AIS?

  • Yes, the main difference between AIS and the erstwhile Form 26AS is the ability given to taxpayers to provide feedback on the reported transactions.
  • The value reported by various sources will be reflected under the processed value column, and the value after taxpayer feedback will be presented separately under the derived value column.
  • The amount in the derived value column will only be used for prefilling the ITR.
  • Taxpayers can respond in the following manner
    1. Information is correct (or)
    2. Information is incomplete (or)
    3. Information refers to another PAN/Year (or)
    4. Information is duplicate / included in other information (or)
    5. Information is denied.

8. What is the password for viewing the downloaded PDF files?

  • PDF files are usually password-protected.
    1. In the case of individual taxpayers, a combination of PAN and the date of birth.
    2. In other cases, the password is a combination of PAN and the date of incorporation.

9. What are all the transactions that will be reflected in AIS?

According to the information available on the income tax website, a list of 50 financial transactions is provided that will get reflected in the AIS. They are,

Salary Winnings from lottery or crossword puzzle u/s 115BB Income and long-term capital gain from foreign currency bonds or shares of Indian companies/s 115AC Interest or dividend or other sums payable to the government
Rent received Winnings from horse race u/s 115BB Income of foreign institutional investors from securities u/s 115AD(1)(i) Sale of land or building
Dividend Receipt of accumulated balance of PF from employer u/s 111 Insurance commission Receipts for transfer of immovable property
Interest from savings bank Interest from infrastructure debt fund u/s 115A(1)(a) (iia) Receipts from a life insurance policy Sale of vehicle
Interest from deposit Interest from specified company by a non-resident u/s 115A(1)(a) (iiaa) Withdrawal of deposits under the national savings scheme Sale of securities and units of mutual fund
Interest from others Interest in bonds and government securities Receipt of commission etc. on sale of lottery tickets Off-market debit and credit transactions
Interest from income tax refund Income in respect of units of non-resident u/s 115A(1)(a) (iiab) Income from investment in securitization trust Business receipts
Rent on plant & machinery Income and long-term capital gain from units by an offshore fund u/s 115AB(1)(b) Income on account of repurchase of units by MF/UTI Business Expenses
Rent payment Miscellaneous payment Cash deposits and withdrawals Outward foreign remittance/purchase of foreign currency
Receipt of foreign remittance Payment to non-resident sportsmen or sports associations u/s 115BBA Foreign travel Purchase of immovable property
Purchase of vehicle Purchase of time deposits Purchase of securities and units of mutual funds Credit/Debit card
Balance in account Income distributed by business trust Income distributed by investment fund GST turnover
GST purchases Income of specified senior citizen

10. How do I provide feedback on the information?

  • You can submit feedback on active information displayed under TDS/TCS Information, SFT Information or Other information by following the below-mentioned steps:
    1. Step 1: Click on the “Optional” button mentioned in the Feedback column for relevant information. You will be directed to the ‘Add Feedback’ screen.
    2. Step 2: Choose the relevant feedback option and enter the feedback details (dependent on the feedback option).
    3. Step 3: Click “Submit” to submit the feedback
    4. After submitting the feedback, Email and SMS confirmations of submissions will also be received to the registered phone number and email id.

11. What will happen once I submit the feedback?

  • When the feedback on information is successfully submitted, the feedback is shown along with the information, and the changed value is made available under the derived column alongside the reported value. (Refer to FAQ No 4)
  • The activity history tab will also be updated, and Acknowledgement Receipt will be available for download. Email and SMS confirmations of feedback submission will also be issued.

12. What is the AIS Consolidated Feedback file?

  • The AIS Consolidated Feedback file (ACF) allows taxpayers to read all of their AIS feedback in one pdf for simple understanding.
  • However, it has to be noted that the consolidated feedback file will not contain any information for which feedback, ‘Information is correct’ is given.

13. Is there a limit to the number of times a given feedback may be modified?

  • Currently there is no limit to the number of times you can give feedback (I.e. you can give feedback any number of times).
Karthik S-Research Associate at Pioneer One Consulting

Karthik S

Research Associate at Pioneer One Consulting

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