Things to know about Annual Information System | Fusion - WeRIndia

Things to know about Annual Information System

Things to know about Annual Information System

The annual Information System (AIS) system provides detailed information about a taxpayer.

Here are some important things to know about AIS:

  • AIS displays general information of a taxpayer like a name, date of birth, PAN, contact details etc.
  • It also displays information related to TDS or TCS. It includes Information code, Information value etc.
  • It also includes a Statement of Financial transaction, including the SFT code, Information value etc.
  • It also contains information related to advance tax, self-assessment etc., details of demand raised and refund process during a financial year, data related to salary income, interest on refund, purchase of foreign currency etc.
  • Form 26AS displays only partial information. But unlike Form 26AS, AIS gives more detailed information about a taxpayer. For instance, if a taxpayer earns an interest of ₹40,000 on deposit from a bank, Form 26AS shows the amount as TDS is deducted on it.
  • However, if the taxpayer has another bank account from which he/she earns just ₹1,000, it is not reflected in Form 26AS as TDS is not deducted on it. But, AIS shows both these interest incomes, including bank name, bank account, and account type.
  • AIS also shows other financial information like dividends, rent received etc. However, it does not display GST details, and those details are only reflected in Form 26AS. So, if taxpayers want to verify GST turnover as per Form GSTR-3B, they can check these details in Form 26AS.
  • As AIS displays all information related to a taxpayer, it is easy to prefill tax returns without errors.
  • You may find a discrepancy between AIS and Form 26AS. It occurs due to a delay in data updates. So, taxpayers should check both the forms and file returns without errors.
  • If you find additional information in AIS after filing your income tax return, you have to file a revised return based on the information shown in AIS.

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