Annual Information Statement ( AIS )​ and ​FORM 26AS

INFORMATION UPLOADED ON NEW AIS FORM :

Dated 18.11.2021 : The New Annual Information statement is very elaborative and contains almost all types financial transactions you have done during the year whether it is banking transactions , property transactions , shares or mutual fund transactions or credit or debit card transactions , foreign travel undertaken or you have effected a foreign remittance . You would not have escaped from the lens of the tax department . Whatever information IT Department gathers on you will be reflected in New AIS Statement . Income Tax Department will upload following 50 such information in the New Annual Information Statement within three months from the end of the month in which the information is received :

1. Salary
2. Rent received
3.Dividend
4. Interest from savings Bank
5. Interest from Deposits
6. Interest from others
7. Interest from Income tax refund
8. Rent on plant & Machinery
9. Winning from lottery or crossword puzzle
10. Winning from Horse Race
​11. Receipt from provident fund
12. Interest from Infrastructure Debt Fund
13. Interest from specified Non resident company
14. Interest from Bonds & Government securities
15 . Income from units of Non-resident units
16. Income & long Term capital gain from off-shore funds
17. Income & long Term capital gain from Foreign currency bonds
18. Income of Foreign institutional investors
19. Insurance commission
20. Receipts from insurance policy
21. Withdrawal of deposits from National savings Certificates
22. Receipt of commission on sale of lattery tickets
23. Income from Investment in securitization trust
​24. Income on repurchase of MF
25 . Interest or Dividend payable to government
26. Payment to non-resident sportsmen
27. Sale of land or building
28. Receipt from transfer of immovable property
29. Sale of vehicle
30. Sale of securities and mutual funds
31. Off market Debt transactions
32. Off market Credit transactions
33. Business receipts
34. Business Expenses
35. Rent payments
36. Miscellaneous payments
37. Cash deposits
38. Cash withdrawals
39. Cash payments
40. Outward Foreign remittance / purchase of foreign currency
41. Receipt of foreign remittance
42. Foreign travel
43. Purchase of immovable property
44. Purchase of vehicle
45. Purchase of time deposits
46. Purchase of mutual funds
47. Credit/ debit card
48. Balance in accounts
49. Income distributed by business trust
50. Income distributed by investment fund
51 . GST Purchase
52. GST Turnover
53. Income of specified senior citizen

​The complete details of new AIS can be got by reading the HANDBOOK published by the IT DEPARTMENT

ANNUAL INFORMATION STATEMENT
&

FORM26AS ​ of Income tax Department

NOW YOUR COMMENT ON INDIVIDUAL AIS DATA WILL BE TRANSFERRED TO THE SOURCE IN AUTOMATED WAY :

Dated 14.05.2024 : In AIS, you can furnish feedback on every transaction displayed therein. You can comment on the accuracy of the information provided by the Source of such information say your employer or banker . In case of wrong reporting, the same is taken up with the Source for their confirmation, in an automated manner. It may be noted that, information confirmation is currently made functional with regard to information furnished by Tax Deductors / Collectors and Reporting Entities.

Income Tax Department has also now rolled out a new functionality in AIS to display the status of information confirmation process. This will display, whether your feedback has been acted upon by the Source, by either, partially or fully accepting or rejecting the same. In case of partial or full acceptance , the information is required to be corrected by filing a correction statement by the Source. The following attributes shall be visible to the taxpayer for status of Feedback confirmation from Source.

•Whether feedback is shared for confirmation:
This will let the taxpayer know if the feedback has been shared with the Reporting Source for confirmation or not.
•Feedback Shared On: This will let the taxpayer know the date on which the feedback has been shared with the Reporting Source for confirmation.
•Source Responded On: This will let the taxpayer know the date on which the Reporting Source has responded on the feedback shared with it for confirmation.
•Source Response: This will let the taxpayer know the response provided by the Source on the taxpayer's feedback (if any correction is required or not).

To read IT Department circular dated 13.05.2024 in this regard , CLICK HERE

HOW TO CORRECT THE INFORMATION ON AIS ?

If you find any of the information is incorrect or not pertaining to your PAN Number , you may inform such details on the above form it self after logging in . Click on the information category in the AIS you find incorrect or not related to you and you will get a screen showing detailed list of the transactions in that category ( say salary ) . You will get details of individual transactions with last column as " Feedback "' . On the particular transaction which is incorrect , you click on " Options " Button . You will get a screen showing following 6 options under the " choose Feedback Type " :

1. Information is correct
2. Income is not Taxable
3. Information is not fully correct
4. Information relates to other PAN / year
5. Information is Duplicate / included in other information
6. Information is denied .

You click on the appropriate box . The website may seek additional answers based on the type of your feedback and then rectify the error

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MATCH AIS DATA / FORM 26AS BEFORE SUBMITTING IT RETURNS :
Wait for now for uploading of information

Dated 02.04.2024 : Now Income tax e-portal is ready and you can file ITR1, 2 & 4 on-line . However it's important to match the information available in Form 26as / AIS with the following records you may have with you

1.Salary certificate / Form 16 issued by employer in the new format ,
2.Interest certificates issued by your banks for the deposits / education loans and housing loans etc
3. Bank account statements for savings bank accounts etc
4. TDS Certificates from employers / Deposit holders
5. Capital gain certificates / statements from your stock brokers
6. Dividend certificates
7. Details of self assessment tax / advance tax paid by you
8. Any other relevant documents if you have any other income

To claim tax rebates under old tax regime , you also need

1. Home loan & interest certificates from banks / housing finance banks
2. Life Insurance premium paid certificates
3. Health insurance premium certificates
4. Tax savings investments made like ULIP
5. Donation certificates


As employers and banks have time up to 31st , May 2024 to submit their returns and time up to 15th , June 2024 to issue Form 16 , you may wait till you receive the necessary documents and verify the information in all the records to ascertain correctness before filing .

Then check each entry in Form 26AS with the documents you have and confirm the information matches . If there is any mismatch , you may take up with the issuers for rectification before submitting your returns . In the mean time , you may continue to check for updation of 26AS / AIS in income tax portal .

Dated 13.03.2023 : From AY 2023-24 onwards, Form 26AS - Annual Tax Statement available on TRACES portal will display only TDS/TCS related data. Other details would be available in the AIS (Annual Information Statement) . For data prior to AY 2023-24, there would be no change in display

FAQ’s on AIS (Annual Information Statement) :

Dated 21.07.2022 : Income Tax department has come out with Answers for frequently Asked Questions ( FAQ ) on AIS and Form 26AS .
The article helps the tax payers who have any doubts on them . One can go through the FAQ by clicking here

DIFFERENCE BETWEEN AIS AND FORM 26AS :
AIS is the extension of Form 26AS. Form 26AS displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover etc. AIS also provides the taxpayer the option to give feedback on the transactions reported. Further, the aggregation of transactions on information source level is also reported in TIS.

From AY 2023-24 onwards, Form 26AS -Annual Tax Statement available on TRACES portal will display only TDS/TCS related data. Other details would be available in the AIS (Annual Information Statement) . For data prior to AY 2023-24, there would be no change in display

THE NEW ANNUAL INFORMATION STATEMENT ( AIS ) ROLLED OUT

Dated 02.11.2021 : Income Tax Department has rolled out the new Annual Information Statement (AIS) on the new Income tax e-filing Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc. which may not be available in Form 26AS . Hence it will reflect all your normal financial transactions including purchase and sale of equity shares and Mutual funds .

Presently the New AIS will run concurrently with Form 26AS and Tax payer can have complete picture of their financial transaction which is available with the Income Tax department . The new AIS is expected to replace the existing Form 26AS over the times as it contains many additional information . However as the new AIS is new and being tested for accuracy , Department has asked the tax payers to view the new AIS Statement and provide feedback on the correctness of the information provided therein . In case there is discrepancy between AIS and Form 26AS , the information available on Form 26AS is taken for the purpose of verification of IT returns by the Income tax department .

In the words of income Tax Department
" In case there is a variation between the TDS/TCS information or the details of tax paid as displayed in Form26AS on TRACES portal and the TDS/TCS information or the information relating to tax payment as displayed in AIS on Compliance Portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing of ITR and for other tax compliance purposes " .

​You are asked to provide feedback on the contents of New AIS if you find any error in it . .

HOW TO VIEW AND DOWNLOAD NEW AIS Form in Income Tax filing website ?

1. GO TO NEW INCOME TAX E-FILING WEBSITE

2. Login using your PAN Number and password .

3. In the next screen , go to " AIS "

4. In the next screen , click on " proceed " .

5. In the next screen , you click on AIS .

6. You will get two options
a. Taxpayer Information summary ( TIS )
b. Annual Information statement

The Tax Information Summary will have following information among all other financial transactions you have done during te year :

1. Salary Information
2. Dividend
3. Interest from Deposit
4. Interest from Savings Bank
5. Foreign Travel
6. Sale of Securities and Mutual Funds
7. Purchase of Securities and Mutual Funds


All the above information is to be added to your income in IT Returns and may have bearing on the Tax payable by you

The Annual Information Statement ( AIS ) will contain following information :

PART A : General Information like PAN NUMBER , Address , email address , Mobile number and Date of Birth
PART B :

1. TDS/ TCS Information : Detailed information on Salary , Dividend etc
2. SFT Information : Information on sale and Purchase of securities
3. Payment of Taxes
4. Demand and refund ; Information on earlier year's tax payment
5. Other Information

​You may download the statements and verify for correctness . It appears that Feedback facility is not yet available in the portal .
​

DOWNLOAD NEW AIS APP IN YOUR MOBILE

You can also download New AIS app in your Android mobile / Apple phone :

1. Go to Google Play store/ APPLE App Store
2. ⁠Search for. AIS; it will appear with IT embalm
3. ⁠Download it.
4. Now enter your PAN and the date of your birth, then check the box next to the terms and conditions and tap on ‘PROCEED’.
5. Then enter your mobile number and email address (same as per the e-filing portal).
6. TWO OTPS will come one as SMS message and the other via your registered email.
7. Both you have to feed.
8. Now choose and enter your 4-digit MPIN and tap on ‘Next.’
9. ⁠After setting and entering MPIN, you can view AIS details.

FORM 26AS

WHAT IS FORM 26AS OF INCOME TAX DEPARTMENT ?

Form 26AS is an annual income tax form that contains detailed information on individual's income , income tax paid . It contains all information about taxes that have been deducted, such as TDS, tax on salary, professional tax, TDS by banks, any advance taxes or self-assessment taxes paid, etc. It also contains information about refunds that you may have received as an individual. It is sssued by Income Tax department on the basis of information collected by them from various sources like your employer , banker or demat holder .

FORM 26AS IN THE CURRENT YEAR FY 2022-23 ( AY 2023-24 ) : From AY 2023-24 onwards, Annual Tax Statement available on TRACES portal will display only TDS/TCS related data. Other details would be available in the AIS (Annual Information Statement ) data . Prior to AY 2023-24, there would be no change in display

Form 26AS contains 8 parts, from I to VIII.

PART-I-Details of Tax Deducted at Source : It contains your individual income from salary , pension , interest , dividend and any other income if any along with TDS collected for each transaction .

PART-II-Details of Tax Deducted at Source for 15G/15H

PART-III-Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194S

PART-IV-Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Payee of resident contractors and professionals/ Payee of Virtual Digital Asset)

PART-V-Details of Tax Collected at Source : TCS could have been collected by you if you had purchased / spent in the financial year for the likes of following :
1. Liquor, scrap, tendu leaves, luxury motor vehicles etc.
2. Overseas Remittances made by you under Liberalized Remittance Scheme (LRS) of RBI .
3. Spent on overseas tour packages
4. Cryptocurrency transactions

PART-VI-Details of Paid Refund (For which source is CPC-TDS. For other details refer AIS at E-Filing Portal) : It contains details of any tax refund received in the financial year such as TAN refund, ITR refund, 26QB refund, etc.

PART-VII-Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Payer of resident contractors and professionals/Payer of Virtual Digital Asset)

PART-VIII-TDS/TCS Defaults* (Processing of Statements)

FORM 26AS DOWNLOAD

HOW TO DOWNLOAD FORM 26AS ON INCOME TAX E-FILING WEBSITE ?

1. GO TO NEW INCOME TAX E-FILING WEBSITE

2. Login using your PAN Number and password .

3. In the next screen , go to " e-file " and in the dropdown menu select " Income Tax Returns "

4. In the next drop down menu select " View Form 26AS " and click on it .

5. Now you will be taken to TDS -CPC Website to view Form 26as . Please confirm .

6. In the TDS-CPC Website , agree to usage to proceed

7. Then go the top and click on " View / Verify tax credit "

8. Then click on the relevant assessment year and select view type .

9. Click at " View / Download "

​10 . You will have form 26as on your screen .

FORM 26AS TRACES

How to download Form 26AS in Traces ?

The another way of downloading Form 26AS by going directly to to TDS-CPC website . You may


1. Go to to TDS -CPC Website to view Form 26as

2. In the TDS-CPC Website , agree to usage to proceed

3. If you have not registered with website , you may register by going tax payer and register as New user

4. For registering , you have to fill PAN Number , your name and verification code .

5. Once you login . then go the top and click on " View / Verify tax credit "

6. Then click on the relevant assessment year and select view type .

7. Click at " View / Download "

​ 8. . You will have form 26as on your screen .

FORM 26AS THROUGH NET BANKING - LIST OF BANKS PROVIDING VIEW 26AS FACILITY

YOU CAN DOWNLOAD FORM 26AS THROUGH NET BANKING :
​
The facility is available to a PAN holder having net banking account with the following banks, provided your PAN Number is registered with the bank and the PAN is mapped to your account account. The facility is available free of cost.

LIST OF BANKS PROVIDING THE FACILITY :
1. Axis Bank 2. Bank of Baroda 3. Bank of India 4. Bank of Maharashtra 5. Canara Bank 6. Citibank N.A. 7. City Union Bank Ltd. 8. ICICI Bank Ltd. 9. IDBI Bank Ltd. 10. Indian Overseas Bank 11. Indian Bank 12. Jammu & Kashmir Bank Ltd. 13. Karnataka Bank Ltd. 14. Kotak Mahindra Bank Ltd. 15. Punjab and Sind Bank 16. State Bank of India ​17. The Federal Bank Ltd. 18. The Karur Vysya Bank Ltd. 19. The Saraswat Co-operative Bank Ltd. 20. UCO Bank 21. Union Bank of India 22. HDFC Bank Limited 23. Central Bank of India 24. Punjab National Bank 25. IndusInd Bank 26. YES Bank Limited. 27. Equitas Small Finance Bank.

USES OF FORM 26AS ISSUED BY INCOME TAX DEPARTEMT :

1. It's an official document issued by the income tax department of Government of India and hence it's the official record of all your income and income tax paid during a Financial year .

2. Income tax department uses the form widely for assessing your income and making income tax claims . Hence by going through Form 26as you will understand how the tax is claimed by the income tax .

3. By viewing the Form 26as , you can check whether the tax collected from you by your employer or banker is properly remitted to your account with Income tax department .

4. Income tax department cross-verifies your Income tax returns with the information available in your Fom 26as . If it matches , refunds will be faster . If there is mismatch , you have to correspond with IT Department and you ahve to rectify IT Return submitted by you or approach your employer , banker and others for rectification of the information submitted by them on your account

REASONS FOR ERRORS IN FORM 26AS

The details contained in your Form 26AS can be erroneous for the following reasons :

1. The details in your PAN card may have wrong details like of your name , address , phone number .
2. Your banker or employer or any other TDS collector would have wrongly noted your PAN Number while you they effect transactions .
3. Your banker or employer or any other TDS collector would have furnished wrong information or no information on the likes of the amount paid to you or tax collected from you . They would have informed wrong PAN Number while submitting their returns , even though you have informed them of correct number
4. Your banker or employer or any other TDS collector would have mentioned wrong assessment year for a transaction .

HOW TO VERIFY CORRECTNESS OF FORM 26AS ?

Please keep following documents with you to verify Form 26AS :

1.Salary certificate / Form 16 issued by employer in the new format ,
2.Interest certificates issued by your banks for the deposits / education loans and housing loans etc
3. Bank account statements for savings bank accounts etc
4. TDS Certificates from employers / Deposit holders
5. Capital gain certificates / statements from your stock brokers
6. Dividend certificates
7. Details of self assessment tax / advance tax paid by you
8. Any other relevant documents if you have any other income

Then check each entry in Form 26AS with the documents you have and confirm the information matches . If there is any mismatch , you may take up with them for rectification before submitting your returns .