ITR Deadline Round The Corner: A Step-By-Step Guide On How To Access Annual Information Statement

The Income Tax Department has announced its intention to issue notices to taxpayers regarding discrepancies between the information filed in their Income Tax Returns (ITR) and the data on specified financial transactions for the assessment year 2021-22 (FY 2020-21). The department has encouraged taxpayers to review their Annual Information Statement (AIS) on the e-filing portal and update their ITRs if any discrepancies, mismatches, or missing information are identified.

Annual Information Statement (AIS)

Introduced in November 2021, the Annual Information Statement provides taxpayers with a comprehensive overview of all their financial transactions throughout a fiscal year. Accessible through the income tax portal, this statement consolidates data reported by various entities such as banks, Regional Transport Offices (RTOs), stock exchanges, and more.

The AIS is divided into two parts: Part A, containing general information about the taxpayer, and Part B, which details financial transactions. Part A includes essential details such as the taxpayer's name, PAN, masked Aadhaar number, date of birth, contact information, and address. Part B, on the other hand, covers crucial financial transaction information like tax deducted at source (TDS), tax collected at source (TCS), specified financial transactions (SFTs), tax payments, demands and refunds, and gains from other sources like lotteries, crossword puzzles, horse races, and more.

The primary objective of the AIS is to facilitate seamless income tax return filing, encourage voluntary compliance, and deter non-compliance.

How To Access Annual Information Statement?

To access the AIS, taxpayers need to log in to the Income Tax e-filing website (www.incometax.gov.in) and follow these steps:
Login to https://www.incometax.gov.in/
Select the Annual Information Statement (AIS) under the 'Services Tab' on the dashboard.
Click on the 'Proceed' button to redirect to the AIS portal.
Click on the AIS tab to view the Annual Information Statement.

Alternatively:

Login to https://www.incometax.gov.in/
After logging in, click the 'e-File' menu.
Click on Income Tax Return, then navigate to view AIS.
Open the AIS tab to view the Annual Information Statement.
Correcting Errors in the Annual Information Statement

If taxpayers identify inaccuracies in the AIS for the given assessment year, they can submit corrected responses. This correction process includes both personal information and financial transactions. Follow these steps to correct errors:

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 appear, offering two options: Taxpayer Information Summary (TIS) and Annual Information Statement (AIS).
Click on AIS.
A new window will pop up, displaying Part A and Part B of the AIS.
Select the incorrect information.
Choose 'Optional' to submit your feedback.
Seven options will be available; select the applicable option from the drop-down menu.
Click on Submit.
As soon as taxpayers submit feedback, the status is updated in real-time, ensuring a transparent and efficient correction process.

In light of the Income Tax Department's initiative to address mismatches in financial transactions, taxpayers are urged to proactively review their Annual Information Statements. This not only ensures accurate tax filings but also contributes to the broader goals of promoting voluntary compliance and deterring non-compliance.

By following the outlined steps to access and correct the AIS, taxpayers can navigate the income tax filing process with ease, aligning themselves with the department's commitment to a transparent and efficient tax ecosystem. Stay informed, review your financial transactions, and ensure a hassle-free tax filing experience in the upcoming assessment year.