The Income Tax Department Monday said it is in the process of issuing notice to taxpayers about ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-a-vis information of specified financial transactions, as available with the department, for the assessment year 2021-22 (FY 2020-21).
The tax department urged taxpayers to access their Annual Information Statement (AIS) through the e-filing portal of the department’s website and review the AIS. If any discrepancies, mismatches or missing information is flagged, update the ITRs (ITR-U). So, what is this Annual Information Statement? How can it be accessed and how to correct the errors in AIS?
What is an Annual Information Statement?
The Annual Information Statement—introduced in November 2021— gives taxpayers a single comprehensive statement on all their financial transactions done in a financial year. The statement is available in the income tax portal and includes financial transactions reported by banks, RTOs, stock exchanges, etc, with the Income Tax Department.
Annual Information Statement is divided into two parts: Part A (General Information of the taxpayer) and Part B (TDS/TCS Information)
Part A: This part of AIS contains the taxpayer’s general information, including his name, PAN, masked Aadhaar number, date of birth, mobile number, e-mail ID, address, etc.
Part B: This part of AIS contains the taxpayer’s financial transaction information, including tax deducted at source (TDS), tax collected at source (TCS), specified financial transactions (SFTs), payment of taxes, demand and refund, gains from other sources like lottery, crossword puzzle or horse race etc, receipt of accumulated balance from provident fund (PF), interest from bonds, government securities, offshore fund, shares of Indian companies, insurance commission etc.
The key objective of an Annual Information Statement is to enable the seamless filing of income tax returns (ITR) for taxpayers, promote voluntary compliance and, most importantly, deter non-compliance.
How to access the Annual Information Statement?
To access the Annual Information Statement, the taxpayers should log in to the I-T e-filing website www.incometax.gov.in and follow the following steps:
- Login to URL https://www.incometax.gov.in/
- Select the Annual Information Statement (AIS) under the ‘Services Tab’ on the dashboard
- Click on the ‘Proceed’ button, which will redirect you to the AIS portal
- Click on the AIS tab to view the Annual Information Statement
OR
- Login to URL https://www.incometax.gov.in/
- After login, click the ‘e-File’ menu
- Click on Income Tax Return, then go to view AIS
- Open the AIS tab to view the Annual Information Statement
How to correct errors in the Annual Information Statement
Taxpayers who feel that the information reflected in AIS for the given assessment year is not inaccurate can submit a corrected response. The statement can be evaluated for all entries, including personal information and financial transactions.
Steps to correct the error in the Annual Information Statement:
- Login to the new Income tax e-filing portal incometax.gov.in
- Select ‘Annual Information Statement (AIS)’ under the ‘Services tab’
- A new window will pop up, giving two options: Taxpayer Information Summary (TIS) and Annual Information Statement (AIS)
- Click on the AIS
- A new window will pop up, and you will see Part A and Part B of the AIS
- Now, select the information which is not correct
- Select ‘Optional’ to submit your feedback
- There will be seven options available to you. Select the option applicable from the drop-down menu
- Now, click on Submit
As soon as taxpayers submit feedback, the status is updated in real time.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 06 Mar 2024, 06:00 AM IST