For individual non audit assessees, December 31, 2021 is the due date to file tax returns. But before you file your returns, make sure you cross verify the details with annual information statement (AIS). Individuals who have already filed the tax return, may re-look at AIS to check if any revision is required in the tax returns already submitted. Here’s why :

  • IT Dept has rolled out new annual information statement (AIS) to offer detailed information to taxpayers.
  • AIS gives an extensive view of information, even broader than Form 26AS.

What is AIS?

  • AIS is a financial summary of taxpayers & facilitates ease in filing tax returns.
  • Information about financial transactions is obtained by IT department from various financial entities.
  • AIS shows both reported value and modified value for each type of information ie TDS, SFT, Other Information, etc.
  • Broadly AIS is divided into 2 parts:

        1) Part A

  • Displays general information such as PAN, Aadhaar Number, Name, Date of Birth &  Contact Details.

       2) Part B

          Includes :
  • Information related to TDS/TCS
  • Information related to Specified financial transactions(SFT)
  • Information related to payment of taxes
  • Information related to Demand & refund
  • Other Information

  • Taxpayers will be able to give an online feedback on AIS.
  • AIS can be downloaded in PDF, JSON & CSV Formats.
  • In case of any variation between TDS/TCS relating to tax payment on AIS & TRACES (Form 26AS), taxpayer can rely information on TRACES portal.
  • Certain features of AIS are under progress and will be available on due course, we will have to wait and watch the functionality of the same.
  • One should cross verify the information to ensure nothing is missed before filing returns. Individuals who have already filed the tax return can relook at AIS for any revisions.