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

The Annual Information Statement (AIS) is a summary your key financial transactions and income for the year. It includes details such as TDS deducted, interest earned on savings and fixed deposits, purchase and sale of shares or mutual funds, high-value transactions like property or vehicle purchases, and more.

Key Highlights 

• Covers TDS/TCS, interest, dividends, securities and mutual fund transactions, property/vehicle purchases, foreign remittances, and more.
• Provides both Reported Value (from reporting entities) and Modified Value (after taxpayer feedback).
• Taxpayers must report all income, even if it is not shown in the AIS, to avoid mismatches, penalties, and notices.

What is the Annual Information Summary (AIS)?

The Annual Information Statement (AIS) is a summary of a taxpayer's information as reported by various organizations from which taxpayers have received any benefit, whether in cash, kind or otherwise. It includes new information – interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc. 

Summary of AIS information is in the form of Taxpayer Information Summary (TIS) for ease of filing return (All the information will be pre-filled in your return). Taxpayers will be able to submit online feedback on AIS’s information and download information in PDF, JSON, and CSV file formats

While AIS serves as a helpful statement for reference when filing an income tax return (ITR), it is not an absolute or conclusive document. Despite information shown in the AIS, the taxpayers are still required to independently declare all sources of income.

Steps for Annual Information Statement (AIS) Download

1. To download your Annual Information Statement (AIS), log in to the income tax e-filing portal. Go to ‘AIS’.
2. Click on the ‘Proceed’ button.
3. It will redirect you to the compliance portal. You can view Taxpayer Information Summary (TIS) and Annual Information Statement (AIS), next to the instructions on the AIS home page. 
4. Now select the relevant financial year, and you can view the Taxpayer Information Summary (TIS) or the Annual Information Statement (AIS) by clicking the relevant tiles.
5. You can download the AIS and TIS by clicking on the AIS download icon in the respective tiles. You can download the TIS in PDF format. AIS can be downloaded in PDF or JSON formats.

What is AIS PDF Password: How to Open AIS PDF?

AIS password is PAN (in lower case) and the date of birth in case of individual taxpayer or date of incorporation/formation for a non-individual taxpayer in the format DDMMYYYY without any space. 

For example, if the PAN is AAAAA1234A and the date of birth is 28th July 1997, the AIS password will be aaaaa1234a28071997.

What are the Different Types of Information Shown in AIS?

The information is displayed in two parts. Part A and Part B.

PART A- General Information 

It displays general information such as PAN, masked Aadhaar number, name, date of birth/incorporation/formation, contact details of the taxpayer. 

PART- B 

• TDS/TCS Information – Information related to TDS/TCS is displayed here. The Information code of the TDS/TCS, Information description and Information values are shown. 
• SFT Information – Information received from reporting entities under Statement of Financial transaction (SFT) is displayed. The SFT code, Information description and Information value is made available. 
• Payment of Taxes – Information relating to taxes such as advance tax and self-assessment tax is shown. 
• Demand and Refund -Details of the demand raised and refund initiated (AY and amount) during a financial year. 
• Other Information: – Details of the information received from the other sources, such as data pertaining to Annexure II salary, Interest on refund, outward foreign remittance/purchase of foreign currency etc., is displayed here.

In the below screenshot of AIS, you can see that all types of information are displayed. For example- for interest earned on the savings bank account-account number and type, account status, source code, the aggregate amount of interest from savings account from the said source is displayed.

Similarly, you can see the information of securities sold during the year with the date of sale/transfer, security class and name, asset type, quantity, etc. The information also displays the count of the transactions.

Correcting Errors in Your AIS Data

If any information or financial transaction on AIS is shown to be incorrect, the taxpayers can submit feedback to request corrections, as AIS display both: 

• Reported value (value reported by the reporting entities), and 
• Modified value (i.e. the value after considering the taxpayer's feedback) for each type of information, i.e. TDS, Statement of Financial Transaction (SFT) and various other information.

Detailed List of Information in AIS

CBDT has notified 57 types of Income and Expenses that will be available in AIS. 

The types of Incomes and expenses that will be reflected in AIS are:

AIS v/s Form 26AS

Currently, Form 26AS primarily displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year. 

Annual Information Statement (AIS) is a much more detailed statement. It covers TDS/TCS transactions, SFT information, payment of taxes, demand or refund, and other information. 

It also includes savings account interest, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, etc. All the information is available in aggregate form as well as individual transaction wise.

However, if the taxpayer has to verify GST turnover based on the details furnished in Form GSTR-3B, it is visible only in Form 26AS. AIS does not capture GST details. 

Example

If the taxpayer has earned Rs 1,700 savings account interest and Rs 42,000 interest on deposits from XYZ bank during the financial year, Form 26AS will only display Rs 42,000 deposit interest details on which TDS is deducted. At the same time, the annual information statement will show both the transaction details. 

In addition, the taxpayer can also see the bank account details from where the income was received, for example, bank name, bank account number, account type, etc. Similarly, it will display all other financial information of the previous year, such as rent received, salary, dividends, etc. 

In case of variation between the TDS or TCS information or the details of tax paid as displayed in Form 26AS vs AIS, the taxpayer may rely on the information displayed in Form 26AS for return filing. 

However, if you have already filed your income tax return and have found additional info in AIS, you can revise the return.

What to do when AIS or Form 26AS has errors?

• The AIS will include information that is presently available with the income tax department. 
• There may be chances that the data of a particular period is not received or updated. 
• Hence, the taxpayers should check all related information and report complete and accurate information in the income tax return. 
• The taxpayer should also follow the feedback mechanism to report errors in AIS. The steps for filing feedback are given above. 
• This mismatch between AIS and ITR will be considered as underreporting of income unless you rectify the errors in AIS. As a consequence, you may have to pay hefty penalties and interest.

How to Submit Feedback in AIS? How to Rectify Errors in AIS?

The taxpayer can submit AIS feedback online or through offline mode. Through online mode, AIS feedback can be submitted only in the AIS section of the compliance portal. Let us see where to submit the feedback in the AIS section. To rectify the mistakes in AIS, follow these steps:

• Go to the Annual Information Statement (AIS) tab (as discussed above). You can find various sections, such as TDS/TCS information, SFT information, payment of taxes, demand and refund and other information. 

For example (refer to the below screenshot), if you go to the SFT information section and select the information where you want to submit the feedback, click on the information.

• On expanding the information category, you can choose the button ‘Optional’ to submit the feedback.
• It will ask you to choose the feedback type. 
• The information will reflect the modified figure in bracket.The modified value will be used to update the derived value in the Taxpayers Information Summary (TIS).
• The derived value is then used to prefill the ITR form of the taxpayer.

AIS Correction Status Update

The Income Tax Portal has a functionality that displays the status of AIS correction or feedback of the taxpayer. It will display the whether the feedback or correction from the taxpayer has been accepted partially, fully or rejected by the Source(person responsible for uploading information in AIS). 

These are the options that will be displayed for status of feedback confirmation from source:

This new feature aims to boost transparency by presenting relevant information directly in the taxpayer's AIS. It represents yet another step by the Income Tax Department to streamline compliance and improve taxpayer services. 

Final Word

It is important to understand that AIS only provides a summary of financial information transactions and may not always reflect the complete or accurate information of a taxpayer's income or financial transactions. Therefore, even if certain income is not reflected in the AIS, the taxpayers are still legally obligated to report it in the ITR.