What is Annual Information Statement (AIS)?
AIS stands for Annual Information Statement newly introduced by Income Tax, which empowers the department to provide an Annual Information Statement to the assesses, such that AIS will contain a wide summary of several financial transactions incurred by the assesses during any assessment year. The basic aim of the introduction of AIS is to widen the information of financial transactions for the assesses, which would facilitate filing his/her return of income and compute his liability of tax which is to be paid by him/her for such financial transaction. AIS will also help the department re-check the return of income filed by the assesses at the end of the respective assessment year, as it will provide all the details of transactions incurred by the assesses under one statement. AIS shows a basic summary of all the basic financial information available with the income tax department traced against your PAN. AIS is powered by the compliance portal of the Income Tax Department.