The updated Form 26AS was introduced in the Budget for 2020-21, and it provides a more detailed picture of the taxpayer than the data of tax received and deducted at source.
The Income-Tax Department has released a new Annual Information Statement (AIS) that incorporates new categories of data such as interest, dividends, securities transactions, mutual fund transactions, and international remittances.
The Tax Department currently details Form 26AS, a consolidated annual tax statement that includes information on tax deducted/collected at source, advance tax, and self-assessment and is available on the Income-Tax website against a taxpayer’s Permanent Account Number (PAN).
The redesigned Annual Information Statement (AIS) includes new categories of information on interest, dividends, securities transactions, mutual fund transactions, and remittances from overseas, as well as data on a variety of other transactions now accessible from the IRS.
The Tax Department stated, “There may be further transactions connected to the taxpayer that are not now visible in the AIS.” The Tax Department stated that Form 26AS will remain in use until the new AIS is validated and fully functioning.
The Department had informed the new annual information statement in Form 26AS, effective June 1, 2020, in May of last year. All facts provided by banks and financial institutions that were previously recorded in their Statement of Financial Transactions were incorporated in the updated Form 26AS (SFTs).
The new AIS can be accessed by going to the new Income Tax e-filing portal (https://www.incometax.gov.in) and clicking on the link “Annual Information Statement (AIS)” under the “Services” category. The last option in this tab is the AIS option.
It will open a new tab with the two options shown below: a) Tax Information Summary (TIS) on the left; b) AIS on the right. Both are identical. The short statement is TIS, while the complete statement is AIS. Both are available for download. When you download, you will receive a pdf statement (there is also a jpeg alternative, but we’ll stay with PDF for now). The PDF will be password secured, with the password being your PAN number (in CAPITAL) plus your date of birth (DDMMYYYY). The taxpayer will then be able to download AIS data in PDF, JSON, or CSV forms.
A facility has been provided for the taxpayer to offer online comments if they believe the information is wrong, refers to another person/year, is duplicate, or is otherwise incorrect.
Feedback can also be provided in bulk by providing numerous pieces of information. Taxpayers can also use an AIS Utility to view AIS and input feedback when they are offline. In the AIS, the reported value and the value following feedback will be displayed separately. If the information is changed or rejected, the source of the information may be contacted for confirmation. The generated information in TIS will be instantly updated in real-time if the taxpayer offers comments on AIS.
Taxpayers are asked to review the material in the Annual Information Statement and give input if any of it needs to be changed. In the AIS, the reported value and the value after feedback will be displayed separately. If the information is changed or rejected, the source of the information may be contacted for clarification.
For each taxpayer, a simplified Taxpayer Information Summary (TIS) has been prepared, which shows the aggregated value for the taxpayer to make filing returns easier. If a taxpayer provides input through AIS, the derived information in TIS will be instantly updated in real-time and used for pre-filing returns. Pre-filling will be made available in stages.
Taxpayers have been encouraged to double-check all connected information and present complete and accurate data on their tax returns.
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