New Annual Information Statement (AIS). Is Form 26AS not required?

Hi,

What is the New Annual Information Statement (AIS)? Is it different from Form 26AS?

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Basically AIS is an advanced Form 26AS which will have information more than 26AS that currently holds.

But since AIS is in the form of beta lauch, soon might replace 26AS.

The big difference seen in AIS is that it might consolidate all the income received by an individual in the FY, reportedly including your Retail cash transaction against the PAN.

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Annual Information Statement (AIS) is a utility/ form available on Income Tax Portal which displays all the financial and tax related information available with the Tax Department with regard to the taxpayer.

Salient Features of AIS are:

  • It includes new information – interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc.
  • Summary of AIS information in the form of Taxpayer Information Summary (TIS) for ease of filing return (pre-filling will be enabled in a phased manner).
  • Taxpayers will be able to submit online feedback on AIS’s information and download information in PDF, JSON, and CSV file formats.
  • AIS Utility will enable taxpayers to view AIS and upload feedback in an offline manner.

Currently, the Form 26AS primarily displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year.
Annual Information Statement (AIS) is a much more detailed statement. It includes savings account interest, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, etc.

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