What is Annual Information Statement (AIS)
The Annual Information Statement (AIS) was introduced in November last year. It has two components - taxpayer information summary (TIS) and other is proper AIS detailing the information contained in TIS.
This AIS has details of all the transactions which are reported by certain entities. These entities includes banks, registration offices, , stock exchanges, mutual funds, companies issuing shares and debentures, RBI and all the taxpayers who are liable to deduct and collect tax at source (TDS). The Income tax department released a much improved Version 2.0 of AIS in March 2022 that covers many more transactions,
What do taxpayers have to do if the information in AIS is incorrect?
The new AIS can be accessed by clicking on ‘Annual Information Statement (AIS)’ under the ‘Services’ tab on the new income tax e-filing portal (incometax.gov.in).
Amit Gupta, MD, SAG Infotech says when taxpayers feel the information reflected in AIS is not accurate, they can submit a corrected response. The statement can be evaluated for all entries, including personal information and financial transactions.
“Feedback should be submitted by taxpayers as soon as they notice any inconsistency. On the ‘Optional’ tab the same can be accomplished," said Gupta.
Steps to correct the mistakes in AIS
- Log on the new Income tax e-filing portal (incometax.gov.in)
- Select 'Annual Information Statement (AIS)' under the 'Services tab'.
- Now, two options will be visible to you - Taxpayer Information Summary (TIS) and Annual Information Statement (AIS). Click on AIS.
- After clicking on AIS, you will see Part A and Part B of AIS on your screen.
- Now, select the information that is not correct. Select 'Optional' to submit your feedback.
- There will be 7 options available to you. From the drop-down menu, select the option applicable.
- Now, click on Submit
Amit Gupta says that as soon as taxpayers submit feedback, its status is updated on AIS in real-time. TIS will pre-fill the ITR draft with the revised values filtered in TIS.
