The Annual Data Assertion (AIS) is a complete overview of the data for the taxpayer proven in Type 26AS. Taxpayers may also present their suggestions on the data displayed within the AIS. “AIS reveals the reported worth (the worth reported by the reporting companies) and the adjusted worth (the worth after contemplating the taxpayer’s views) for every sort of data, akin to Tax Deducted at Supply (TDS), Monetary Switch Assertion (SFT), and so on. Data, and so on.,” says Arkith Gupta, CEO, and founding father of Clear, a finance portal.
“To offer the taxpayer with a complete view of the monetary transactions carried out throughout the monetary yr, the Earnings Tax division launched the brand new AIS on the compliance portal in 2021. Earlier than AIS, a lot of the particulars of taxpayers in 26AS There was, the taxpayer type,” says Sunil Dasari, founder, and CEO, EZTax.in, a web based earnings tax submitting portal.
The targets of AIS are as follows:
- Show full data with facility to take on-line suggestions to taxpayer.
- Promote voluntary compliance and allow pre-filing of returns.
- Stop non-compliance.
- Distinction between AIS and Type 26AS
AIS is an extension of type 26AS. Type 26AS reveals particulars of property purchases, excessive worth investments, and TDS/TCS transactions throughout the monetary yr. AIS contains financial savings account curiosity, dividends, lease obtained, securities/immovable property buy and sale transactions, international trade, deposit curiosity, GST conversion, and so on.
AIS additionally permits taxpayers to touch upon reported transactions. As well as, transaction aggregation on the information supply stage can be reported within the TIS.
Principal traits of AIS
- This contains new data – curiosity, dividends, securities transactions, mutual fund transactions, international forex switch data, and so on.
- Abstract of AIS data in Taxpayer Data Abstract (TIS) format for ease of submitting (pre-filling will probably be enabled in part).
- Taxpayers can submit on-line suggestions on AIS data and obtain the data in PDF, JSON, and CSV file codecs.
- The AIS utility will allow taxpayers to view AIS and add suggestions offline.
How can I view AIS?
You’ll be able to entry the AIS performance by following the steps talked about beneath:
Step 1: Enter the URL https://www.incometax.gov.in//
Step 2: After profitable login to e-filing portal click on on “Annual Data System (AIS)” below “Providers” tab.
Step 3: Click on on the AIS tab on the house web page.
Step 4: Choose the related tax and click on on the AIS tile to view the annual data assertion.
What are the several types of information in AIS?
The info is displayed in two sections. Part A and Part B.
Part A: Normal Data
It reveals normal data like PAN, Aadhaar quantity, title, date of delivery / firm / formation, and speak to particulars of the taxpayer.
Part – B
- TDS/TCS Data: Data associated to TDS/TCS (Assortment of Tax at Supply) is displayed right here. The TDS/TCS information code, information particulars, and information worth are displayed.
- SFT Data: Data obtained from reporting companies below SFT is displayed. Accommodates the SFT code, information description, and information worth.
- Tax Fee: Tax associated data akin to Advance Tax and Self Evaluation Tax is displayed.
- Claims and Returns: Particulars (AY and Quantity) of claims and returns initiated throughout a monetary yr.
- Different Data: Particulars of data obtained from different sources, akin to Schedule II Wage, Refund Curiosity, Overseas Remittance/Overseas Alternate Buy and so on., are proven right here.