Indian Income Tax department has recently launched a facility/tool in department’s new portal called TIS and AIS statements. Let’s try to understand them in detail so that we can avoid any notice from department due to our ignorance.
We all know that income tax department has recently launched its new portal. All is done to make filings easier and transparent. In the same line, they have provided two new statements along with 26AS to make taxpayer more vigilant while filing the tax returns.
The AIS (Annual Information Statement) is a comprehensive statement which includes complete information related to interest, dividend, securities transactions, mutual fund transactions and foreign remittance information undertaken by a taxpayer in one financial year.
AIS is divided into two parts: Part A and Part B. Part A contains general information such as PAN, masked Aadhaar number, name of taxpayer, date of birth, address etc. Part B contains complete detail like Dividend, interest on savings, interest on term deposits, interest on recurring deposits, TDS, TCS, Sale/purchase of securities, asset type, sale price, sale consideration, STT paid, AMC details, date of sale/purchase, information source, amount, information related to payment of taxes, information related to refund and demand, information related to foreign remittance, salary details etc.
Similarly, there is one more statement is also made available called TIS i.e Taxpayer Information Summary. It is a simplified version and have aggregate details of data present in AIS. It can be considered while filing the tax return.
AIS and TIS is compilation of those information which income tax department has on taxpayer’s behalf. It is reported to department by different financial institutions like NSDL, Banks, Companies, Brokers etc.
The income tax department has issued a press release on Nov 1, 2021 asking the taxpayers to check the information available in the AIS. If there is a mismatch or duplication in the information, then taxpayers should inform the same to the income tax department by submitting online feedback. If the mismatch is not informed to the tax department, then it may be assumed that the information reflected in AIS is correct and then department can ask for any further clarifications or explanations to the taxpayer.
To download AIS and TIS, taxpayer shall login to his online income tax account using following link:
Then under Service Tab, select Annual Information Statement (AIS)’. Then proceed and you will be redirected to another website after having options to download Taxpayer Information Summary (TIS) and Annual Information Statement (AIS). The statement can be downloaded in PDF format and JSON utility. The password to access the downloaded PDF is a combination of your PAN(CAPS) and Date of birth (ddmmyyyy format).
It is important to check AIS and submit timely feedback in case of mismatch or duplication of information to avoid any intimation/notice from department. Secondly, while filing tax return, one should always consider AIS and TIS and shall report all entries as this information is already with the department.
Also, income tax department has clarified that AIS/TIS has information which is presently available on behalf of the taxpayer. But if there are other transactions which belong to taxpayer and are not present in AIS then also these entries shall be reported while filing the tax returns.
Disclaimer: I really admire the whole initiative income tax department is taking to make the processes easier and transparent for all. I do not intend to criticise or advice or influence anyone. These are totally my views based on my experiences and I am looking forward for more positive changes in all income tax processes. Please do let me know if you want to share your experience or views in this regard. You can write to me at email@example.com or call/WhatsApp me at +91 9910075924.