ITR Deadline Approaching: A Comprehensive Guide to Obtaining Annual Information Statement

Regarding disparities between the data on certain financial transactions for the assessment year 2021–22 (FY 2020–21) and the information submitted in taxpayers’ income tax returns (ITRs), the Income Tax Department has declared that it would be sending reminders to taxpayers. In order to correct their ITRs in the event that any anomalies, mismatches, or missing information are discovered, taxpayers are urged by the department to examine their Annual Information Statements (AIS) on the e-filing platform.

Statement of Annual Information (AIS)
The Annual Information Statement, which was first introduced in November 2021, gives taxpayers a thorough rundown of every financial transaction they make in a given fiscal year. This statement, which is available via the income tax site, compiles information provided by a number of organizations, including banks, stock exchanges, Regional Transport Offices (RTOs), and more.

The AIS is split into two sections: Part B, which contains financial transaction data, and Part A, which contains basic taxpayer information. Important information such as the taxpayer’s name, PAN, date of birth, disguised Aadhaar number, contact details, and address are included in Part A. In contrast, Part B includes important details about financial transactions such as tax collected at source (TCS), tax deducted at source (TDS), specified financial transactions (SFTs), tax payments, demands, refunds, and gains from other sources such as horse races, lotteries, and crossword puzzles.

The main goals of the AIS are to make filing income tax returns easier, promote voluntary compliance, and discourage non-compliance.

What Is The Annual Information Statement Accessible?
Taxpayers must log in to the Income Tax e-filing website (www.incometax.gov.in) and do the following actions in order to access the AIS:
Proceed to https://www.incometax.gov.in/ and log in. From the dashboard, navigate to the ‘Services Tab’ and choose the Annual Information Statement (AIS).
Press the ‘Proceed’ button to be taken to the AIS portal.
To access the Annual Information Statement, click the AIS tab.

Or else:
Click the ‘e-File’ option after signing in to https://www.incometax.gov.in/.
Navigate to see the AIS after clicking on Income Tax Return.
To see the Annual Information Statement, choose the AIS tab.
Fixing Inaccuracies in the Annual Information Report

Taxpayers may submit updated replies if they find errors in the AIS for the specified assessment year. Financial transactions as well as personal information are included in this rectification procedure. To fix mistakes, adhere to the following steps:

Go to incometax.gov.in, the new income tax e-filing system, and log in.
Choose ‘Annual Information Statement (AIS)’ from the ‘Services tab.’
There will be two alternatives available in a new window: Annual Information Statement (AIS) and Taxpayer Information Summary (TIS).
Select AIS by clicking.
Parts A and B of the AIS will be shown in a new window that appears.
Choose the erroneous data.
Select ‘Optional’ to send in your comments.
There will be seven alternatives available; choose the relevant one from the drop-down menu.
Press the “Submit” button.
The status is updated instantly upon receipt of comments from taxpayers, guaranteeing a prompt and transparent corrective procedure.

Taxpayers are encouraged to thoroughly examine their Annual Information Statements in light of the Income Tax Department’s commitment to resolve inconsistencies in financial transactions. This helps achieve the more general objectives of encouraging voluntary compliance and discouraging non-compliance in addition to ensuring correct tax returns.

Taxpayers may easily traverse the income tax filing process and comply with the department’s commitment to a transparent and efficient tax environment by following the procedures described to access and rectify the AIS. Keep yourself updated, go over your financial activities, and make sure that submitting your taxes in the next assessment year is simple.