Annual Information Statement or AIS is a comprehensive view of information for a taxpayer displayed in Form 26AS.
Objectives
The key objectives of AIS are:
Display complete information to the taxpayer
promote voluntary compliance and enable seamless prefiling of return
Deter non-compliance
AIS Feature
The salient features of AIS are as under:
Inclusion of new information (interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc.)
use of Data Analytics to populate PAN and non-PAN data for inclusion in AIS.
Deduplication of information and generation of a simplified Taxpayer Information Summary (TIS) for ease of filing return (pre-filing will be enabled in a phased manner)
Taxpayers will be able to submit online feedback on the information displayed in AIS and download information in PDF, JSON, CSV formats.
AIS utility will enable taxpayers to view AIS and upload feedback in an offline manner.
AIS Mobile Application will enable taxpayers to view AIS and upload feedback on mobile.
AIS Preparation:
Some Key information processing steps are:
PAN Population: In case no valid PAN is available in the submitted information, the PAN will be populated on matching Aadhaar and other key attributes.
Information Display: The reported information is displayed against the reported account, Demat account, etc. aims to show information to relevant PAN holders to enable review and submission of feedback.
Information Deduplication: In a case where similar information is reported under different information types (e.g. reporting of interest/dividend in SFT and TDS) the information with the lower value will be marked as "Information is a duplicate / included in other information" using automated rules.
Taxpayer Information Summary (TIS) preparation: The information category-wise aggregated information summary for taxpayers is prepared after deduplication of information =based on pre-defined rules. It shows the processed value (i.e. value generated after deduplication of information based on pre-defined rules) and derived value (i.e. value derived after considering the taxpayer feedback and processed value) under each information category (e.g. Salaries, Interest, Dividend, etc.). The derived information will be used for prefilling of return.
AIS Feedback:
The taxpayers will be able to view AIS information and submit the following types of responses to the information:
The information is correct.
Information is not fully correct
Information relates to other PAN/year
Information is duplicate / included in other information
Information is denied
Customized Feedback.
AIS Feedback Processing:
The AIS Feedback processing approach is as under:
The feedback provided by the assessee will be captured in the Annual Information Statement (AIS) and the reported value and modified value (i.e. the value after feedback) will be shown separately.
The feedback provided by the assessee will be considered to update the derived value (value derived after considering the taxpayer feedback) in Taxpayer Information Summary (TIS).
Information assigned to other PAN/Year in AIS will be processed and information will be shown in the AIS of the taxpayer using automated rules.
In case the assigned information is modified/denied, the feedback will be processed in accordance with risk management rules and high-risk feedback will be flagged for seeking confirmation from the information source.
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