Annual Information Statement (AIS): How to Review & Correct

What is AIS?

Annual Information Statement (AIS) is a comprehensive view of YOUR financial information available with the Income Tax Department for a specific FY. Introduced in November 2021, it replaced Form 26AS as the primary information source. AIS captures:

• Salary income (from employer's TDS returns)
• Interest income (FDs, savings — from bank's reports)
• Dividend income
• Capital gains (mutual funds, shares — from broker reports)
• Rent received
• Foreign remittances
• Cash deposits/withdrawals above threshold
• Purchase of immovable property
• Purchase of vehicles, jewellery
• Credit card payments (high value)
• Mutual fund investments
• GST turnover (from GST data)
• TDS/TCS deducted on your transactions

AIS vs 26AS — Key differences

While AIS is now primary, Form 26AS still exists and is useful:

• Form 26AS — Tax deductions and payments primarily. Simple format. Useful for TDS reconciliation.
• AIS — Comprehensive financial transactions. Includes 26AS data PLUS non-tax info (purchases, deposits). Helps detect undisclosed income.
• TIS (Taxpayer Information Summary) — Simplified view of AIS for easy reading.

Use both. Review AIS first for completeness, then verify against your books.

How to access AIS

1. Login to incometax.gov.in
2. Services → Annual Information Statement (AIS)
3. Select Financial Year
4. View Tax Information Summary (TIS) — summary
5. View AIS — detailed transactions
6. Download in PDF / JSON for offline review

AIS is updated continuously as third-party data is received. Final view available by July-August for filing in October.

How to correct AIS errors

If you find incorrect data in AIS:

1. Click on the transaction in AIS
2. Select 'Feedback' option
3. Choose feedback type:
   • Information is correct
   • Information is wrong
   • Information relates to another PAN
   • Information duplicated
   • Other reasons
4. Provide reason and supporting documents
5. Submit feedback
6. Track status in AIS portal

The IT system updates AIS based on your feedback (with verification). Reduces likelihood of mismatch notices later.

Common AIS issues

• Stale data — Banks/brokers report after delay; AIS may not have latest. Wait till August for completeness.
• Duplicate entries — Same FD shown by both bank and central database. Flag duplication via feedback.
• Wrong PAN attribution — Transactions of other taxpayer attributed to you. Flag urgently.
• Cash deposits unfamiliar — Joint account where you're not primary; or genuine error. Investigate.
• Property purchase shown without your knowledge — Co-purchaser, joint registration. Verify documents.