Annual Information System under Income Tax

The Income Tax Department has launched the new Annual Information System (“AIS”) on the Compliance Portal of the income tax website – This statement provides a comprehensive view of the information to a taxpayer. It is considered as an upgrade to the existing Form 26AS

he new AIS can be accessed by going to the “Services” tab on the new Income Tax e-filing portal (https://www. incometax. gov. in) and clicking on the link “Annual Information Statement (AIS)”. The display of Form 26AS on the TRACES portal will also continue until the new AIS has been validated and is fully operational.

The new annual information statement (AIS) includes additional information linked to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information and other such transactions.

If the taxpayer finds any inconsistencies in the AIS when compared with his records, he can raise a request on the online feedback form.

For each taxpayer, a simplified Taxpayer Information Summary (“TIS”) will be generated. This TIS shows the summary of the aggregate value for the taxpayer for ease of filing the income tax returns.

Our Comments:

  1. Save the data generated by Form 26AS for future reference, just in case if the Form 26AS for the older years are also taken off from the portal.
  2. Have proper documentation if you find any mismatch in the AIS and raise a feeback without fail.

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