AIS (Annual Information System) contains 57 types of Incomes

In order to promote transparency and simplifying the tax return filing process, CBDT vide Notification dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961 r.w.r.114-I of Income Tax Rules, 1962 w.e.f. 01.06.2020. The new Form 26AS is an Annual Information Statement or AIS which will provide a complete profile of the taxpayer for a particular year.

AIS

Annual Information Statement or AIS is comprehensive view of information for a taxpayer displayed in Form 26AS. During preparation of AIS, information processing is required to display complete and accurate information to the taxpayer.

Salient Features of AIS are as under:

• Inclusion of new information (interest, dividend, securities transactions, mutual fund
  transactions, foreign remittance information etc.)
• Use of Data Analytics to populate PAN in non-PAN data for inclusion in AIS.
• Deduplication of information and generation of a simplified Taxpayer Information Summary
  (TIS) for ease of filing return
• Taxpayer will be able to submit online feedback on the information displayed in AIS and also
  download information in PDF, JSON, CSV formats.
• AIS Utility will enable taxpayer to view AIS and upload feedback in offline manner.
• AIS Mobile Application will enable taxpayer to view AIS and upload feedback on mobile.

57 Types of Incomes Reported in AIS

he broad categories of Information in Taxpayer Information Summary (TIS) are as under:
The key information sources, approach for Annual Information Statement (AIS) processing and
Taxpayer Information Summary (TIS) preparation is explained in following paragraphs.

1. Salary
2. Rent received
3. Dividend
4. Interest from savings bank
5. Interest from deposit
6. Interest from others
7. Interest from income tax refund
8. Rent on plant & machinery
9. Winnings from lottery or crossword puzzle u/s 115BB
10. Winnings from horse race u/s 115BB
11. Receipt of accumulated balance of PF from employer u/s 111
12. Interest from infrastructure debt fund u/s 115A(1)(a)(iia)
13. Interest from specified company by a non-resident u/s 115A(1)(a)(iiaa)
14. Interest on bonds and government securities
15. Income in respect of units of non-resident u/s 115A(1)(a)(iiab)
16. Income and long-term capital gain from units by an offshore fund u/s 115AB(1)(b)
17. Income and long-term capital gain from foreign currency bonds or shares of Indian companies’
    u/s 115AC
18. Income of foreign institutional investors from securities u/s 115AD(1)(i)
19. Income of Specified Fund from securities u/s 115AD(1)(i)
20. Insurance commission
21. Receipts from life insurance policy
22. Withdrawal of deposits under national savings scheme
23. Receipt of commission etc. on sale of lottery tickets
24. Income from investment in securitization trust
25. Income on account of repurchase of units by MF/UTI
26. Interest or dividend or other sums payable to government
27. Income of specified senior citizen
28. Sale of land or building
29. Receipts for transfer of immovable property
30. Sale of vehicle
31. Sale of securities and units of mutual fund
32. Off market debit transactions
33. Off market credit transactions
34. Business receipts
35. GST turnover
36. GST purchases
37. Business expenses
38. Rent payment
39. Miscellaneous payment
40. Cash deposits
41. Cash withdrawals
42. Cash payments
43. Outward foreign remittance/purchase of foreign currency
44. Receipt of foreign remittance
45. Payment to non-resident sportsmen or sports association u/s 115BBA
46. Foreign travel
47. Purchase of immovable property
48. Purchase of vehicle
49. Purchase of time deposits
50. Purchase of securities and units of mutual funds
51. Credit/Debit card
52. Balance in account
53. Income distributed by business trust.
54. Income distributed by investment fund.
55. Donation received.
56. Receipt on transfer of Virtual Digital Assets
57. Winning from Online Games u/s 115BBJ

Click here: For Detailed Income List under these broad Category,

AIS Feedback

The taxpayer will be able to view AIS information and submit following types of response on the
information:

• Information is correct
• Information is not fully correct
• Information relates to other PAN/Year
• Information is duplicate / included in other information
• Information is denied
• Customized Feedback
  

AIS Feedback Processing

The AIS Feedback processing approach is as under:

• The feedback provided by assessee will be captured in the Annual Information Statement (AIS)
  and value Reported by Source and modified value (i.e. value after feedback) will be shown
  separately.
• The feedback provided by assessee will be considered to update the value Accepted by
  Taxpayer (value derived after considering the taxpayer feedback) in Taxpayer Information
  Summary (TIS)
• Information assigned to other PAN/Year in AIS will be processed and information will be
  shown in the AIS of the taxpayer using automated rules.
• In case the assigned information is modified/denied, the feedback will be processed in
  accordance with risk management rules and high-risk feedback will be flagged for seeking
  confirmation from the information source.

Recently New Change in AIS Feedback Is Introduced, Read this: Your AIS is changed – CBDT Press Release on AIS New Changes 2024

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