The Power of AIS and TIS in Modern Tax Assessment
The Income Tax Department uses artificial intelligence to compile every financial transaction linked to your PAN into the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS).
Information Reported in AIS
- Salary, rent received, and dividend payments.
- Savings bank interest and Fixed Deposit accrued interest.
- Sale and purchase of listed shares, mutual funds, and bonds.
- High-value cash deposits / withdrawals in bank accounts (SFT reporting).
- Purchase or sale of immovable property.
- Foreign outward remittances under LRS (Liberalised Remittance Scheme).
What to Do If AIS Contains Wrong or Duplicate Entries?
Often, banks report the same stock sale twice or report joint property sales entirely under the first holder's PAN. If left uncorrected, CPC will issue a computer-generated tax discrepancy notice.
Step-by-Step Feedback Submission
- Log in to the e-Filing portal > Click AIS tab from the top menu.
- Review transactions under Part B - Financial Transactions.
- Click on the specific incorrect line item > Click Feedback.
- Select appropriate option: "Information is not correct", "Information relates to other PAN/Year", "Information is duplicate", or "Information is denied".
- Submit the feedback. The TIS values will adjust automatically.