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Annual Information Statement - Form 26 Being Replaced ??



The Tax Department currently details Form 26AS, a consolidated yearly tax statement that contains information on tax deducted/collected at source, advance tax, and self-assessment and is available on the Income-Tax website against a taxpayer's Permanent Account Number (PAN).


The updated Form 26AS was introduced in the Budget for 2020-21, and it provides a more detailed picture of the taxpayer than the data of tax received and deducted at source.


The redesigned Annual Information Statement (AIS) includes new categories of information on interest, dividends, securities transactions, mutual fund transactions, and remittances from overseas, as well as data on a variety of other transactions now accessible from the IRS.


 Form 26AS will remain in use until the new AIS is verified and fully functioning.


The Department had informed the revised annual information statement in Form 26AS, effective June 1, 2020, in May of last year. All facts given by banks and financial institutions that were previously included in their Statement of Financial Transactions were incorporated in the updated Form 26AS (SFTs).


The new AIS may be obtained by going to the new Income Tax e-filing site (https://www.incometax.gov.in) and clicking on the link "Annual Information Statement (AIS)" under the "Services" category.



A provision has been provided for the taxpayer to offer comments online if they believe the information is erroneous, refers to another person/year, is a duplicate, etc. Feedback can also be provided in bulk by providing numerous pieces of information. Taxpayers can also use an AIS Utility to watch AIS and input feedback in an offline mode.



In the AIS, the reported value and the value following feedback will be displayed separately. If the information is changed or rejected, the source of the information may be contacted for confirmation.



For each taxpayer, a simplified Taxpayer Information Summary (TIS) has been prepared, which displays aggregated value for the taxpayer to make filing returns easier.



If a taxpayer provides input through AIS, the derived information in TIS will be instantly updated in real time and used for pre-filing returns. Pre-filling will be made available in stages



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