The Income Tax (I-T) department has rolled out the new Annual Information Statement (AIS) on the compliance portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback.
AIS is more comprehensive than the earlier Form 26AS as it will contain more information about financial transactions of taxpayers beyond the TDS and TCS transactions.

“The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner),” the department said.

The value shown in TIS may be considered while filing the ITR. In case the ITR has already been filed and some information has not been included in the ITR, the return may be revised to reflect the correct information, it said.

The new AIS could be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in. The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational, the income tax department said in a statement.

The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc.

The reported information has been processed to remove duplicate information and taxpayer will be able to download AIS information in PDF, JSON, CSV formats.

If the taxpayer feels that the information is incorrect, relates to other person/year, duplicate, etc., a facility has been provided to submit online feedback.

A simplified TIS has also been generated for each taxpayer which shows aggregated value for the taxpayer for ease of filing return. TIS shows the processed value (i.e.the value generated after deduplication of information based on pre-defined rules) and derived value (i.e. the value derived after considering the taxpayer feedback and processed value). If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real time.

In case there is a variation between the TDS/TCS information or the details of tax paid as displayed in Form26AS on TRACES portal and the TDS/TCS information or the information relating to tax payment as displayed in AIS on Compliance Portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing of ITR and for other tax compliance purposes.

Source: https://www.financialexpress.com/money/income-tax/i-t-dept-rolls-out-new-ais-for-taxpayers/2361418/