Section 285BB of the Income Tax Act, 1961, mandates the Income Tax Department to provide taxpayers with an Annual Information Statement (AIS), a comprehensive summary of their financial transactions. Introduced in 2020, AIS replaces the older Form 26AS and includes expanded details to improve tax transparency and compliance.
1. What is AIS?
- AIS is a consolidated financial statementthat includes:
- TDS/TCS details(like Form 26AS).
- Specified Financial Transactions (SFTs)(e.g., property sales, mutual fund investments).
- Tax payments(advance tax, self-assessment tax).
- Pending/completed proceedings(demands, refunds, audits) .
- New Additions:
- Interest, dividends, securities transactions, foreign remittances, and more .
2. Key Features of AIS
- Two-Part Structure:
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- Part A: Basic details (PAN, name, contact info).
- Part B: Financial data (TDS, SFTs, taxes paid, etc.) .
- Taxpayer Information Summary (TIS):
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- A simplified pre-filled summaryderived from AIS for easier ITR filing .
- Feedback Mechanism:
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- Taxpayers can dispute errors(e.g., incorrect, duplicate, or unrelated transactions) online .
- Multiple Formats:
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- Downloadable as PDF, JSON, or CSV.
3. How to Access AIS?
- Log in to the Income Tax e-filing portal(gov.in).
- Navigate to Services → Annual Information Statement (AIS).
- View TIS(aggregated data) and AIS (detailed transactions) .
4. Importance of AIS
- Pre-filling ITRs: TIS data auto-populates ITR forms to reduce errors .
- Tax Compliance: Helps identify unreported income (e.g., small dividends, interest).
- Discrepancy Resolution: Cross-check with Form 26AS on TRACES; rely on TRACES if conflicts arise .
5. Common Issues & Solutions
| ISSUE | SOLUTION |
| Duplicate entries | Submit feedback under “Information is duplicated” . |
| Joint account transactions | Report partial ownership via feedback . |
| Incorrect PAN linkage | Use the AIS utility to correct. |
6. Timeline & Updates
- Effective From: June 1, 2020 (via CBDT Notification 30/2020).
- FY 2020-21 Onwards: AIS covers transactions from this period
