Annual Information Statement: What is AIS, How to Check, Password Format And Feedback

The AIS (Annual Information Statement) is a detailed summary of a taxpayer's financial information available along with Form 26AS. Along with the details of TDS/TCS, AIS also shows details regarding interest, dividends, stock market transactions, mutual fund transactions, etc.

In this comprehensive guide, we will learn what AIS is, how to check your AIS, how to open an AIS PDF, and other important information you should know.

What is an Annual Information Statement (AIS)?

The Annual Information Statement (AIS) is a detailed view of financial information for a taxpayer in addition to Form 26AS. The taxpayer has the option to provide feedback on the information shown in AIS.

It presents both the reported value (submitted by reporting entities) and modified values (adjusted based on taxpayer feedback) for various types of information, including TDS, Statement of Financial Transactions (SFT), and other details.

Taxpayers can check all the transactions reflected in the AIS and provide feedback if required. This information is crucial for filing an ITR.

However, taxpayers cannot directly edit AIS data. Corrections happen only after feedback validation by the reporting entity.

What are the Objectives of the Annual Information Statement (AIS)?

The primary objectives of AIS include:

• Discouraging non-compliance
• Facilitating smooth pre-filling of tax returns
• Providing complete financial information to taxpayers
• Collecting online feedback from taxpayers
• Promoting voluntary compliance
• Reducing underreporting of income

What are the Key Features of AIS?

AIS helps taxpayers file ITRs more accurately. It assists in identifying differences between personal records and department data.

Key features include:

• The AIS utility allows taxpayers to check and submit feedback offline.
• Taxpayers can provide online feedback and download AIS data in PDF, JSON, or CSV formats.
• It offers a Taxpayer Information Summary (TIS) that simplifies return filing through pre-filled information.
• It includes additional financial information such as interest, dividends, securities transactions, mutual fund activity, and foreign remittances.

Understanding the Taxpayer Information Summary (TIS)

The Taxpayer Information Summary provides an aggregated financial summary for each taxpayer.

It displays processed values (after removing duplicate information) and derived values (after considering taxpayer feedback).

This derived data in TIS is used for pre-filling income tax returns.

How to Check Your Annual Information Statement (AIS)?

Follow these steps to access AIS:

Step 1: Log in to the income tax e-filing portal at www.incometax.gov.in and navigate to the AIS section.

Step 2: Click the “Proceed” button.

Step 3: You will be redirected to the compliance portal, where both TIS and AIS are available.

Step 4: Select the relevant financial year to view TIS or AIS by clicking the appropriate tiles.

Step 5: You can download the files using the download icon. TIS is available in PDF format, while AIS can be downloaded in PDF or JSON formats.

What is the AIS PDF Password? How to Access the AIS PDF?

All AIS PDFs are password-protected.

To open the file, enter:

• PAN in lowercase
• Followed by date of birth (for individuals) or date of incorporation (for non-individuals)
• Format: DDMMYYYY without spaces

Example:

If PAN is ABCDE1234A and DOB is 25 May 1997, the password will be:

abcde1234a25051997

What are the Different Types of Information in AIS?

The AIS information is divided into two parts, which are as follows:

Part A - General Information

This includes:

• PAN details
• Masked Aadhaar number
• Name
• Date of birth/incorporation/formation
• Contact details

Part B – Tax-Related Information

This section includes:

Payment of Taxes: Advance tax and self-assessment tax details.

• TDS/TCS Information: Codes, descriptions, and deducted amounts.
• Demand and Refund: Details of demands raised and refunds initiated.
• SFT Information: Financial transaction details received from reporting entities.
• Other Information: Includes salary annexures, interest on refunds, outward remittances, foreign currency purchases, etc.

AIS provides a comprehensive record of financial activities during the year, including savings account interest and securities transactions.

CBDT Notified Income Types and Expenses in AIS

The types of incomes and expenses that will be mentioned in AIS are:

Difference Between AIS and Form 26AS

How to Check the Status Update on AIS Correction

CBDT has introduced a feature that shows the status of corrections or feedback submitted by taxpayers regarding AIS.

It indicates whether the feedback has been accepted fully, partially, or rejected by the reporting source (the entity responsible for uploading information in AIS).

The status options include:

• Feedback Shared for Confirmation: Indicates whether the feedback has been forwarded to the reporting source for confirmation.
• Feedback Shared On: Displays the date when feedback was shared with the reporting source.
• Source Responded On: Shows the date the reporting source responded to the feedback.
• Source Response: Provides details about whether corrections are required or accepted.

What to Do If You Identify an Error in AIS or Form 26AS?

The AIS (Annual Information Statement) reflects financial information reported to the Income Tax Department by various entities.

The Income Tax Act mandates specific entities to report high-value transactions. Therefore, it is possible that some data for a certain period may not yet have been received or updated.

Taxpayers are advised to verify all relevant information carefully and ensure complete accuracy while submitting their income tax returns.

It is also important to use the AIS feedback mechanism to report any errors or discrepancies.

This step is crucial because discrepancies between AIS data and ITR filings have been identified in several cases by the Income Tax Department.

Such mismatches may lead to notices, penalties, or interest due to possible underreporting of income unless they are rectified promptly.

Which Form Should Taxpayers Refer to When Filing ITR?

If there are discrepancies between TDS/TCS data or tax payment details in Form 26AS compared to AIS, taxpayers should generally rely on the information in Form 26AS for tax credit verification while filing their returns.

At the same time, AIS should also be reviewed carefully because it provides a broader view of financial information that may need to be reported in the return.

If taxpayers have already submitted their Income Tax Return and later find additional information reflected in AIS, they may file a revised return if required based on the updated information displayed in AIS.

To Conclude

The Annual Information Statement has transformed the way taxpayers and authorities approach income tax reporting. Its detailed nature, user-oriented features, and feedback option make it a valuable resource for ensuring complete, accurate, and compliant tax filings. Taxpayers should download and review the AIS before filing their ITR to help ensure a smooth and accurate tax filing process by identifying and addressing any discrepancies in advance.

Understanding your AIS (Annual Information Statement) is important for effective tax planning and compliance. Reviewing the statement carefully can help taxpayers avoid discrepancies, ensure accurate reporting of income, and reduce the chances of notices or penalties. If needed, professional guidance may help in interpreting AIS data and maintaining compliance with current tax regulations.