Form 26AS and Annual Information Statement (AIS) important update:

Form 26AS and Annual Information Statement (AIS) important update The Income Tax Department has issued an update on Form 26AS and Annual information statement stating that from Assessment Year 2023-24 onwards, Form 26AS display only TDS/TCS data. Other taxes like advance tax, Self-assessment tax, refund etc. would be available in the AIS.

What is Form 26AS?

Form 26AS is a consolidated annual tax statement that shows the details of tax deducted at source, tax collected at source, advance tax paid by the assessee along with self-assessment tax. This information is specific to a Permanent Account Number (PAN).

What is Annual Information Statement?

Annual Information Statement (AIS) is comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayer can provide feedback on information displayed in AIS. AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information). The objectives of AIS are:

• Display complete information to the taxpayer with a facility to capture online feedback
• Promote voluntary compliance and enable seamless prefilling of return
• Deter non-compliance