What is AIS and TIS ?
The Annual Information Statement (AIS) provides information related to taxable income and Tax Deducted at Source (TDS) for a financial year. It contains information on financial transactions carried out by an individual and reported by various entities (financial institutions) to the income tax department. If the information is incorrect, has been duplicated, or pertains to another taxpayer, the individual can submit feedback online.
What types of transactions come under the Annual Information Statement (AIS)?
Earlier, the Income Tax Department had been issuing Form 26AS to provide information related to taxable income and Tax Deducted at Source (TDS). This has been replaced by the Annual Information Statement (AIS). It provides you with almost all the details about your financial transactions during the year. This comprehensive information will be significantly useful for a taxpayer while preparing tax returns.
Why does my Annual Information Statement (AIS) from the IT department show my sale price incorrectly?
Taxpayer Information Summary (TIS)
Taxpayer Information Summary (TIS) is an information category-wise aggregated information summary for a taxpayer. It shows the value processed by the system (i.e., the value generated after deduplication of information based on predefined rules) and the value accepted by the taxpayer/confirmed by the source (i.e., the value derived by the taxpayer after considering the taxpayer feedback or source confirmation on the taxpayer’s feedback and the value processed by the system) under each information category (e.g. Salary, Interest, Dividend etc.). It also aids taxpayers in balancing the data held by the Income Tax Department with their own tax records. It offers a chance to find any inaccurate or missing information that should be fixed before submitting the ITR. The information accepted by the taxpayer/confirmed by the source in TIS will be used for pre-filling of the return, if applicable.
The main goal of AIS is to help taxpayers ensure correct income tax return filing by helping them cross-verify their investments and income with the information that is on file with the tax department. The purpose of TIS is to provide taxpayers with a summary of their tax payments, filed returns, and the status of their refunds.
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