The Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) are crucial tools introduced by the Income Tax Department to improve transparency and accuracy in tax filings. Here’s what you need to know for FY 2024-25:
1. What is AIS?
The AIS is a detailed statement containing all financial transactions reported by banks, employers, mutual funds, and other entities to the Income Tax Department.
Key Components of AIS:
✔ Part A (TDS/TCS Details) – Salary, interest, dividends, rent, etc.
✔ Part B (SFT Transactions) – High-value investments, property deals, foreign remittances, etc.
✔ Tax Payments – Advance tax, self-assessment tax, etc.
✔ Demands & Refunds – Outstanding dues or refunds processed.
2. What is TIS?
The Taxpayer Information Summary (TIS) is a simplified summary derived from AIS, categorizing income and deductions for easier tax filing.
Key Components of TIS:
✔ Gross Income Summary – Salary, house property, capital gains, etc.
✔ Deductions (Chapter VI-A) – 80C, 80D, 80G, etc.
✔ Tax Paid & Refunds – Breakdown of taxes deposited.
✔ Computed Tax Liability – Estimated tax due based on AIS data.
3. Key Differences Between AIS & TIS
Feature | AIS (Annual Information Statement) | TIS (Taxpayer Information Summary) |
Purpose | Detailed transaction records | Simplified tax summary |
Data Source | Reports from banks, employers, etc. | Derived from AIS |
Usefulness | Verify all financial transactions | Quick overview for ITR filing |
Updates | Real-time (as reports are filed) | Generated from AIS |
4. Why Check AIS & TIS Before Filing ITR?
- Detect errors (e.g., wrong PAN reporting).
- Reconcile income with Form 26AS.
- Avoid tax notices for mismatched income.
- Claim missing deductions (if not auto-populated).
5. How to Correct Errors in AIS?
If you find discrepancies:
- Submit Feedback – On the AIS portal under “Optional Reporting.”
- Upload Proof – Bank statements, Form 16, etc.
- Track Status – The tax department verifies and updates records.
6. Important Notes for FY 2024-25
- New SFT Categories – Additional transactions may be reported.
- Higher Scrutiny – Mismatches can trigger notices.
- Pre-fill ITR – TIS data helps auto-fill ITR forms.
Conclusion:
The Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) are powerful tools that help taxpayers verify income, detect discrepancies, and file accurate ITR. For FY 2024-25 (AY 2025-26),
✔ Review AIS & TIS before filing ITR to ensure all income is correctly reported.
✔ Reconcile with Form 26AS to avoid tax notices due to mismatches.
✔ Report errors via the AIS feedback option if any transaction is incorrect.
✔ Use TIS for quick reference while filing returns to avoid missing deductions.