{"id":4198,"date":"2021-11-30T02:23:00","date_gmt":"2021-11-30T02:23:00","guid":{"rendered":"https:\/\/www.caindelhiindia.com\/blog\/?p=4198"},"modified":"2025-10-20T17:36:32","modified_gmt":"2025-10-20T17:36:32","slug":"all-about-new-annual-information-statement-ais","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/all-about-new-annual-information-statement-ais\/","title":{"rendered":"All About New Annual Information Statement (AIS)"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69deb7b383bd4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69deb7b383bd4\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/all-about-new-annual-information-statement-ais\/#NEW_ANNUAL_INFORMATION_STATEMENT_AIS\" title=\"NEW ANNUAL INFORMATION STATEMENT (AIS)\">NEW ANNUAL INFORMATION STATEMENT (AIS)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/all-about-new-annual-information-statement-ais\/#Form_26AS_vs_AISTIS_%E2%80%93_Key_Differences_You_Must_Know\" title=\"Form 26AS vs AIS\/TIS \u2013 Key Differences You Must Know\">Form 26AS vs AIS\/TIS \u2013 Key Differences You Must Know<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/all-about-new-annual-information-statement-ais\/#Key_Differences_at_a_Glance_in_AISTIS_26AS\" title=\"Key Differences at a Glance in\u00a0AIS\/TIS &amp; 26AS\u00a0\">Key Differences at a Glance in\u00a0AIS\/TIS &amp; 26AS\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/all-about-new-annual-information-statement-ais\/#Are_AIS_TIS_the_Booster_mover_dose_for_Income_Taxpayers_Income_Tax\" title=\"Are AIS &amp; TIS the Booster mover dose for Income Taxpayers? : Income Tax\u00a0\">Are AIS &amp; TIS the Booster mover dose for Income Taxpayers? : Income Tax\u00a0<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/all-about-new-annual-information-statement-ais\/#In_addition_to_AIS_the_income_tax_department_introduced_the_Taxpayer_Information_Summary_TIS\" title=\"In addition to AIS, the income tax department introduced the Taxpayer Information Summary (TIS). \">In addition to AIS, the income tax department introduced the Taxpayer Information Summary (TIS). <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/all-about-new-annual-information-statement-ais\/#What_distinguishes_AIS_from_Form_26AS\" title=\"What distinguishes AIS from Form 26AS?\">What distinguishes AIS from Form 26AS?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"NEW_ANNUAL_INFORMATION_STATEMENT_AIS\"><\/span><span style=\"color: #000080;\"><strong>NEW ANNUAL INFORMATION STATEMENT (AIS)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4203\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/ais.jpeg\" alt=\"ais\" width=\"1226\" height=\"687\" \/><\/p>\n<ul>\n<li>The Income Tax Department has introduced new\u00a0Annual Information Statement (AIS) on the Compliance Portal, that provides a complete\u00a0view of information to taxpayers and allows them to provide online feedback.<\/li>\n<li>The latest AIS can be accessed by going to the &#8220;Services&#8221; tab on the <a href=\"https:\/\/www.caindelhiindia.com\/blog\/key-features-of-new-income-tax-portal\/\">new Income Tax e-filing portal<\/a> www.incometax.gov.in and clicking on the link &#8220;Annual Information Statement (AIS).&#8221;<\/li>\n<li>The screen of <a href=\"https:\/\/www.caindelhiindia.com\/blog\/presumptive-taxation-section-44ad-44ada-44ae\/\">Form 26AS<\/a> on the <a href=\"https:\/\/www.caindelhiindia.com\/blog\/key-features-of-new-income-tax-portal\/\">TRACES portal<\/a> would also persist until the new AIS has been validated and is fully operational.<\/li>\n<\/ul>\n<p><strong>What exactly is AIS?<\/strong><\/p>\n<p>The quantity of information available in AIS and TIS demonstrates how the IRS maintains 360-degree data profiling on taxpayers. This information resembles a birth chart, as it depicts all of the taxpayers&#8217; financial transactions during the financial year. Form 26AS : Your tax credit verification tool\u00a0 &amp;\u00a0AIS\/TIS : Your full financial mirror (must be carefully reviewed before ITR filing)<\/p>\n<p>Maximum details are now under the I-T department&#8217;s horizon due to the modified AIS. Furthermore, the government has indicated that it has access to data not included in the AIS, which will let tax inspectors examine a taxpayer&#8217;s profile more broadly and limit the scope of evasion.<\/p>\n<p>As a result, taxpayers should carefully review all transactions in the AIS to ensure that appropriate data is included in their tax returns. They must make proper use of the department&#8217;s feedback and correct any errors before filing their tax returns.<\/p>\n<ul>\n<li>The AIS is a comprehensive statement that contains details of financial transactions performed by you and reported to the tax department by various entities (mostly financial institutions) during a fiscal year.<\/li>\n<li>This includes receipts\/income from various sources such as salary, interest, and so on, as well as the sale or purchase of securities such as equity shares, mutual funds, bonds, and so on.<\/li>\n<li>Each and every sale as well as purchase of shares,\u00a0mutual\u00a0fund units, and any dividend or interest received, will be reflected in the AIS.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4207\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/ais-update.jpeg\" alt=\"ais update\" width=\"1108\" height=\"554\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/ais-update.jpeg 318w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/ais-update-300x150.jpeg 300w\" sizes=\"(max-width: 1108px) 100vw, 1108px\" \/><\/p>\n<p><strong>Part A and Part B are the two parts of AIS.<\/strong><\/p>\n<ul>\n<li>Part-A contains basic information such as PAN, masked Aadhaar number, taxpayer name, date of birth, and so on.<\/li>\n<li>Part-B contains data on TDS, TCS, specific financial transactions, tax payment, tax demand and refund, and other topics.<\/li>\n<li>According to a press release from the tax department, taxpayers will be able to download AIS information in PDF, JSON, and CSV formats.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Form_26AS_vs_AISTIS_%E2%80%93_Key_Differences_You_Must_Know\"><\/span><span style=\"color: #000080;\">Form 26AS vs AIS\/TIS \u2013 Key Differences You Must Know<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"245\" data-end=\"361\">Both Form 26AS and AIS\/TIS are issued by the Income Tax Department, but they serve different purposes:<\/p>\n<p data-start=\"363\" data-end=\"409\"><strong><span style=\"color: #000080;\">Form 26AS (Tax Credit Statement) :<\/span><\/strong> Shows TDS deducted by employer, bank, or other deductors,\u00a0Includes advance\/self-assessment tax payments made ,\u00a0Reflects refunds issued,\u00a0Displays some high-value transactions Essentially, it\u2019s your tax credit proof.<\/p>\n<p data-start=\"663\" data-end=\"746\"><span style=\"color: #000080;\"><strong data-start=\"671\" data-end=\"744\">AIS\/TIS (Annual Information Statement \/ Taxpayer Information Summary) : <\/strong><\/span><span style=\"font-size: 16px;\">A comprehensive record of all financial data linked to your PAN, Contains everything in Form 26AS + Dividends, Interest income, Securities trades, Mutual fund data,\u00a0 <\/span>Property transactions, Cash deposits, Foreign remittances, etc. No income goes unreported, even if no TDS is deducted.<\/p>\n<h3 data-start=\"1103\" data-end=\"1141\"><span class=\"ez-toc-section\" id=\"Key_Differences_at_a_Glance_in_AISTIS_26AS\"><\/span><span style=\"color: #000080;\"><strong data-start=\"1110\" data-end=\"1141\">Key Differences at a Glance in\u00a0<\/strong><\/span><span style=\"color: #000080;\"><strong data-start=\"671\" data-end=\"744\">AIS\/TIS &amp; 26AS\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3 data-start=\"1103\" data-end=\"1141\"><span style=\"color: #000080;\"><strong data-start=\"1110\" data-end=\"1141\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9362\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/26AS-AIS-and-TIS-.png\" alt=\"AIS\/TIS &amp; 26AS\u00a0\" width=\"1139\" height=\"1743\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/26AS-AIS-and-TIS-.png 387w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/26AS-AIS-and-TIS--196x300.png 196w\" sizes=\"(max-width: 1139px) 100vw, 1139px\" \/><\/strong><\/span><\/h3>\n<p>&nbsp;<\/p>\n<div class=\"_tableContainer_sk2ct_1\">\n<div class=\"_tableWrapper_sk2ct_13 group flex w-fit flex-col-reverse\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" style=\"height: 268px;\" width=\"1081\" data-start=\"1142\" data-end=\"1446\">\n<thead data-start=\"1142\" data-end=\"1188\">\n<tr data-start=\"1142\" data-end=\"1188\">\n<th data-start=\"1142\" data-end=\"1155\" data-col-size=\"sm\"><strong data-start=\"1144\" data-end=\"1154\">Aspect<\/strong><\/th>\n<th data-start=\"1155\" data-end=\"1171\" data-col-size=\"sm\"><strong data-start=\"1157\" data-end=\"1170\">Form 26AS<\/strong><\/th>\n<th data-start=\"1171\" data-end=\"1188\" data-col-size=\"sm\"><strong data-start=\"1173\" data-end=\"1186\">AIS \/ TIS<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"1236\" data-end=\"1446\">\n<tr data-start=\"1236\" data-end=\"1292\">\n<td data-start=\"1236\" data-end=\"1248\" data-col-size=\"sm\"><strong data-start=\"1238\" data-end=\"1247\">Focus<\/strong><\/td>\n<td data-start=\"1248\" data-end=\"1262\" data-col-size=\"sm\">Tax credits<\/td>\n<td data-start=\"1262\" data-end=\"1292\" data-col-size=\"sm\">Full income \/ transactions<\/td>\n<\/tr>\n<tr data-start=\"1293\" data-end=\"1343\">\n<td data-start=\"1293\" data-end=\"1306\" data-col-size=\"sm\"><strong data-start=\"1295\" data-end=\"1305\">Source<\/strong><\/td>\n<td data-start=\"1306\" data-end=\"1322\" data-col-size=\"sm\">TRACES portal<\/td>\n<td data-start=\"1322\" data-end=\"1343\" data-col-size=\"sm\">Compliance portal<\/td>\n<\/tr>\n<tr data-start=\"1344\" data-end=\"1383\">\n<td data-start=\"1344\" data-end=\"1359\" data-col-size=\"sm\"><strong data-start=\"1346\" data-end=\"1358\">Coverage<\/strong><\/td>\n<td data-start=\"1359\" data-end=\"1369\" data-col-size=\"sm\">Limited<\/td>\n<td data-start=\"1369\" data-end=\"1383\" data-col-size=\"sm\">Very broad<\/td>\n<\/tr>\n<tr data-start=\"1384\" data-end=\"1446\">\n<td data-start=\"1384\" data-end=\"1401\" data-col-size=\"sm\"><strong data-start=\"1386\" data-end=\"1400\">Use in ITR<\/strong><\/td>\n<td data-start=\"1401\" data-end=\"1420\" data-col-size=\"sm\">Tax credit proof<\/td>\n<td data-start=\"1420\" data-end=\"1446\" data-col-size=\"sm\">Cross-check all income<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Are_AIS_TIS_the_Booster_mover_dose_for_Income_Taxpayers_Income_Tax\"><\/span><span style=\"color: #ff0000;\"><strong>Are AIS &amp; TIS the Booster mover dose for Income Taxpayers? : Income Tax\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4209\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/ais-portal.jpg\" alt=\"ais portal\" width=\"1089\" height=\"608\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/ais-portal.jpg 860w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/ais-portal-300x167.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/ais-portal-768x429.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/ais-portal-800x447.jpg 800w\" sizes=\"(max-width: 1089px) 100vw, 1089px\" \/><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Tax terrorism is a well-known enemy of Indian taxpayers. Tax assessments and tax disputes have caused a huge amount of concern among income tax payers.<\/li>\n<li>Finally, the Govt acknowledged this reality and attempted to simplify tax procedures by establishing annual information statements (AIS) and taxpayer information summary (TIS).<\/li>\n<li>In Form 26AS, AIS refers for all-inclusive information for a taxpayer. A taxpayer&#8217;s TIS is a category-by-category information summary. While submitting the return of income, AIS and TIS seem to represent knowledge over unawareness.<\/li>\n<li>Form 26AS was first introduced as a tax credit statement of the taxpayer. It includes information on advance tax paid, self-assessment tax paid, and taxes taken from taxpayers&#8217; sources of income, such as tax deducted at source (TDS) or tax collected at source (TCS), as well as any income-tax (I-T) refunds received throughout the financial year.<\/li>\n<li>Budget 2020 proposed expanding the mandate of form 26AS and making it more thorough by including specific data about the taxpayer&#8217;s tax profile.<\/li>\n<li>As a result, the I-T department has notified the new AIS in form 26AS, effective 1 June 2020, in May 2020. All information provided by banks and financial institutions was changed and included.<\/li>\n<li>Previously, these details were included in their financial transaction statement (SFTs).<\/li>\n<li>CBDT issued a directive in October 2021 to expand the range of reportable things under form 26AS, as specified under section 285BB of the I-T Act.<\/li>\n<li>The form has been expanded to include eight new kinds of transactions: international remittances, dividend income, mutual fund purchases, stock purchases, interest on I-T refunds, off-market transactions, complete salary division, and information from another person&#8217;s I-Tax return.<\/li>\n<li>According the I-T department&#8217;s statement, form 26AS will stay on the TRACES portal until the new AIS has been validated and is fully operational.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"In_addition_to_AIS_the_income_tax_department_introduced_the_Taxpayer_Information_Summary_TIS\"><\/span><span style=\"color: #000080;\"><strong>In addition to AIS, the income tax department introduced the Taxpayer Information Summary (TIS). <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>This is a streamlined method of viewing the AIS data. TIS displays the processed value (i.e. the value produced after information redundancy based on pre-defined rules) as well as the obtained value (i.e. the value obtained after considering the taxpayer processed value &amp; feedback).<\/li>\n<li>When a taxpayer gives information on AIS, the derived information in Taxpayer information system\u00a0is updated automatically in real-time. The findings further showed in TIS will be used to populate the Return (pre-filling will be enabled in a phased manner).<\/li>\n<li>As a result, if you find an error in your Tax payer information summary\u00a0or Annual information summary, you must have it corrected in the AIS, which will be corrected in real-time in TIS as well.<\/li>\n<li>It is critical to review the AIS and provide feedback. If there is a mistake &amp;\u00a0you have not provided feedback requesting correction, it may be assumed that the information reflected in AIS is correct, and the income tax department may ask you to explain the discrepancy between the information in the AIS and the information in your income tax return.<\/li>\n<li>If a taxpayer believes that the information is wrong, relates to another person\/year, is copy, or is otherwise inaccurate, an online feedback form is available.<\/li>\n<li>Feedback can be provided by submission of\u00a0a large amount of information in bulk. An AIS Utility has also been made available for taxpayers to view Annual information summary\u00a0and\u00a0upload feedback offline.<\/li>\n<li>In the AIS, the disclosed valuation and the valuation after feedback will be displayed separately. If the data is changed or denied, the source of the information may be consulted for verification.<\/li>\n<li>Taxpayers must keep in mind that the Annual Information Statement (AIS) includes information that is currently available with the Income Tax Department.<\/li>\n<li>There might be some\u00a0transactions related to\u00a0taxpayer that are not currently displayed in the Annual Information Statement may exist (AIS).<\/li>\n<li>Taxpayers should double-check all related information and report accurate and complete information on their Income Tax Return.<\/li>\n<li>Taxpayers are asked to review the information in the Annual Information Statement (AIS) as well as provide feedback if it needs to be changed.<\/li>\n<li>The valuation shown in the Taxpayer Information Summary (TIS) may be taken into account when filing the ITR. If the ITR has been already\u00a0filed and some information is missing, the return may be updated to incorporate the correct information.<\/li>\n<li>If there is a discrepancy in between TDS\/TCS info or tax payment information showed\u00a0in Form 26AS on TRACES portal and the TDS\/TCS information or tax payment details displayed in Annual Information System\u00a0on Compliance Portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing ITR and other tax compliance purposes.<\/li>\n<\/ul>\n<p>Taxpayers can consult the Annual Information System\u00a0documents (AIS guidebook, Presentation, User Guide, and FAQs) in the &#8220;Resources&#8221; section or contact the help desk via the &#8220;Help&#8221; section on the AIS Homepage if they have any questions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_distinguishes_AIS_from_Form_26AS\"><\/span><span style=\"color: #000080;\"><strong>What distinguishes AIS from Form 26AS?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4205\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/26as-and-ais.jpg\" alt=\"26as and ais\" width=\"1280\" height=\"720\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/26as-and-ais.jpg 1280w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/26as-and-ais-300x169.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/26as-and-ais-1024x576.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/26as-and-ais-768x432.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/11\/26as-and-ais-800x450.jpg 800w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p>Form 26AS is similar to a tax passbook in that it contains information about TDS and TCS deposited against the taxpayer&#8217;s PAN during the fiscal year.<\/p>\n<p>Furthermore, in the altered version of Form 26AS, information relating to specified transactions like mutual fund unit purchases, foreign remittances, and so on will be reflected only if the transaction exceeds the specified limit or tax has been deducted.<\/p>\n<ul>\n<li>For example, if tax is deducted on the interest earned on a fixed deposit, it will be reflected on Form 26AS.<\/li>\n<\/ul>\n<p>AIS \u00a0is a more comprehensive system. In the case of AIS, the transactions will be reflected regardless of whether or not tax has been deducted. As a result, even if no tax is deducted from the interest received on a fixed deposit, it will still be shown in the AIS.<\/p>\n<ul>\n<li>The statement will include TDS, TCS, the sale and purchase of equity shares, mutual funds, dividends, interest income, and other items.<\/li>\n<li>There is no set limit for the number of transactions that can be included in the AIS. Thus, even a Rs 2,000 investment in a mutual fund SIP will be reflected in your AIS. Basically, AIS reflects all of your large and small specified financial transactions that have been reported to the income tax department by various financial entities.<\/li>\n<li>Such reporting is required of these entities by law. AIS displays all of your financial transactions that the income tax department is specified.<\/li>\n<li>Both AIS &amp; TIS are expected to benefit taxpayers by providing details of all transactions and assisting them in being prepared in advance for essential discussions with tax officers. Importantly, the move will provide more transparency and detail about the assessees&#8217; financial situation. On the other hand, they give the tax authorities with a comprehensive data set in one location.If properly implemented, this initiative will create a taxpayer-friendly environment and uphold the I-T department&#8217;s pledge to treat taxpayers as &#8220;honest&#8221; as stated in the taxpayers&#8217; charter. This will also provide the government the power in its efforts to provide a seamless, painless, and faceless tax administration.<\/li>\n<\/ul>\n<p><strong>How can AIS assist taxpayers?<\/strong><\/p>\n<ul>\n<li>With the assistance of Annual Information System, you can cross-check all financial transactions that you conduct and report to the income tax department. This will assist you in double-checking and reporting all of the required information on your income tax return.<\/li>\n<li>For example, a dividend received in fiscal year 2020-21 is taxable in your hands. As a result, even if the amount is as low as Rs 50, you must report it in your ITR and pay tax on it. If you ignore to report this Rs 50, the AIS will help you remember.<\/li>\n<li>This will assist them in removing any duplicate or incorrect information. The resulting data in TIS will be spontaneously updated in real-time if the taxpayer sends a response on AIS after rigorous scrutiny, and that information will be used for pre-filing of tax returns. As a result, taxpayers have been encouraged to double-check all related information and provide detailed and accurate information in their I-T filings.<\/li>\n<li>If a taxpayer has previously submitted an I-T return but some details were left out, the return may be updated to include the correct information.<\/li>\n<\/ul>\n<p class=\"x_MsoNormal\"><i>India Financial Consultancy is a Service Platform dedicated to provide all kinds of services under one roof i.e. with the aim of &#8220;MAKING BUSINESS EASY &#8220;at affordable prices. We will offer support and guidance at every stage to ensure that the business is compliant with the regulations and is continually growing.<\/i><\/p>\n<p class=\"x_MsoNormal\"><i>The services offered by us are attached for your\u00a0reference, We will be happy serving you all the time.<\/i><\/p>\n<p class=\"x_MsoNormal\"><i>&#8220;Our Company has started an e-mail service for all\u00a0 (PAN INDIA) to send daily updates related to\u00a0 Legal, Stock Exchange, GST ,RBI,IPR ,LLP Act, Companies Act,2013, Income Tax Act, Labor Laws and other law<\/i><i>s&#8221;<\/i><\/p>\n<p><strong>Popular Article :\u00a0<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/how-to-file-tds-return-online\/\">How to file a return of TDS online<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/new-revise-tds-tcs-return-filing-due-date-payment-due-date-for-2020\/\">New revise TDS\/TCS due date for filing Return and Payment for the year 2020<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/learn\/key-features-of-tcs-on-goods-sale-section-206c-1h-applicable-from-1-october-2020.html\">key features of TCS on goods sale section-206c<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>NEW ANNUAL INFORMATION STATEMENT (AIS) The Income Tax Department has introduced new\u00a0Annual Information Statement (AIS) on the Compliance Portal, that provides a complete\u00a0view of information to taxpayers and allows them to provide online feedback. The latest AIS can be accessed by going to the &#8220;Services&#8221; tab on the new Income Tax e-filing portal www.incometax.gov.in and &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[142],"tags":[878],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/4198"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=4198"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/4198\/revisions"}],"predecessor-version":[{"id":9534,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/4198\/revisions\/9534"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=4198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=4198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=4198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}