There is a difference between the Annual Information Statement (AIS) and Taxpayer Information Statement (TIS). The first one is a comprehensive statement that provides details of every financial transaction you have carried out in a specific financial year. This information shows the income that you have earned from different sources like mutual funds, bonds, purchase and sale of equity shares, recurring deposits, interest from savings accounts, dividend, salary, etc. The statement also has information related to tax collected at source (TCS) and tax deducted at source (TDS). To learn the payable income tax, simply use the income tax calculator.
The TIS generates the information of a taxpayer available in the Annual Information Statement in a simplified format. The information about the taxpayer is categorically aggregated and summarized. It tells you about a processed value (generated after the information is processed) and a derived value (derived after considering the processed value and the taxpayer’s feedback) under every information category (such as dividend, interest, salaries, etc.)
Objective of an Annual Information Statement
- The AIS provides the taxpayer with comprehensive information about his/her tax liabilities.
- It enables seamless pre-filing of income tax returns (ITRs) and promotes voluntary compliance.
Note: Learn about the different types of ITR so that you can file the returns under the suitable category for specific tax payment.
Salient Features of an Annual Information Statement
- It contains various details about the taxpayer, related to securities transactions, dividend, interest, foreign remittance, mutual fund transactions, etc.
- The statement allows a taxpayer to submit feedback on the provided information in both offline and online modes.
- The Income Tax Department will soon be introducing an AIS mobile app to allow taxpayers to view the information on the statement and upload feedback on the same through their mobile phones.
Content of an Annual Information Statement
The information about a taxpayer given in this statement falls into the following 2 parts:
Part A: It provides general information about the taxpayer. This includes:
- Name of the Assessee
- Date of Birth/ Incorporation/ Formation
- The taxpayer’s PAN number
- The last 4 digits of his/her Aadhar Number
- His/her mobile number
- His/her address
- His/her e-mail address
Part B: It provides information related to tax and includes:
- TDS/TCS Information: This information is related to information description, information code, information source, amount, and count.
- SFT Information: This information is collected from reporting entities belonging to Specified Financial Transaction (SFT) and is about salary, foreign remittance, dividend, interest, etc.
- Payment of Taxes: Information regarding tax payment from various heads are shown here. These include payments of self-assessment tax and advance tax (the amount of tax paid well in advance of the year-end in instalments) through challan to the bank. Here, self-assessment tax is the balance tax that the assessee must pay on his/her assessed income after the advance tax and TDS have been considered before filing an ITR.
- Demand and Refund: Here, information is given about details of the demand raised (such as Assessment Year, demand under Section, demand amount, and status) and the refund initiated (Assessment Year and refund amount) during a financial year.
- Other information: Any other information is provided under sub-rule (2) of rule 114-I.
Content of Taxpayer Information Statement
You can find it as the lowest level of information given in the AIS. Like AIS, the information on the TIS is also divided into two parts. These are:
Part A: It shows general information about the taxpayer, and includes:
- Name of the Assessee
- His/her address
- Date of Birth/ Incorporation/ Formation
- The last 4 digits of the taxpayer’s Aadhar Number
- His/her PAN number
- His/her mobile number
- His/her e-mail address
Part B: It provides:
- Information description
- Information source amount description
- Processed value
- Reported value
- Derived value of different sources (such as off-market credit transactions, interest from an income tax refund, dividend, salary, sale, and purchase of units of mutual funds and securities)
How Can You Download Your AIS or TIS?
Step 1: Log in to your Income Tax portal
Step 2: Go to the ‘Services’ tab and choose Annual Information Services (AIS)
Step 3: Click on ‘Proceed’.
Step 4: Download the forms in ACF, JSON, or PDF format.
Step 5: The downloaded file will be protected by a password which is a combination of your PAN number in uppercase and your date of birth (in the format of DDMMYYYY). You can access the file using this password.
Besides checking your TCS and TDS on the AIS, you also need to calculate the income tax to be paid. For that, consider using the income tax calculator.
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