Annual Information Statement (AIS) – Impact On NRIs, Foreign Citizens, Seafarers

December 17, 2021

What is Annual Information Statement (AIS)?

Annual Information Statement is a newly launched system of Income Tax Department. AIS is an information system which informs tax payers that what Income Tax Department knows about their financial transactions in a respective year. AIS is a detailed statement, which contains various financial transactions incurred by a tax payer in a year.

How does AIS impact Non Residents, NRIs?

Many NRIs, Foreign Citizens do various financial transactions in India occasionally or frequently. All or many of those transactions are captured by the Income Tax Department, which will now reflect in this Annual Information System also. Since many NRIs do not file an ITR in India, hence, with the help of this new system the respective mechanism of Income Tax Department will raise enquiries/notices to the NRIs, Non-Residents to know why an ITR is not filed by them for financial transactions undertaken by them.

What are the benefits of AIS to NRIs, Non-Residents?

NRIs, other Non-Residents (OCIs, Foreign Citizens), Seafarers will be benefitted a lot from this AIS system. Some of the benefits are as under:

NRIs will be able to reconcile their transactions easily with the help of AIS.
In some cases, when NRIs are unable to obtain necessary information from bank/broker, AIS can be used to seek the information and report in ITR.
Proper filing of ITR with the help of AIS, which will help & plus unnecessary enquiries of tax department in future on account of non-reporting of any missed transaction
AIS will help NRIs in tracking their investment and financial transactions in India
It will help NRIs to understand the importance of ITR filing

What are the types of transactions provided in Annual Information Statement (AIS)? Does It apply To Non-Residents, NRIs, Seafarers?

AIS includes various type of information such as:

Salary Information
Interest Income from Saving as well Deposit Accounts
Purchase and Sale data in relation to Mutual Fund/Shares/Bonds
Specified Financial Transactions (SFT) e.g. Immovable Property, Cash Deposits etc
TDS/TCS on various sources of Income and expenditure
Details of Tax Demand, Tax Refund

These transactions are generally incurred/undertaken by NRIs, Non-Residents in India. Hence, AIS is a good source of NRIs financial transactions information. Hence, it is important for NRIs, Seafarers to file ITR in India with the help of AIS.

Where can NRIs, OCIs, Seafarers find the Annual Information Statement (AIS)?

NRIs, Seafarers can download the AIS from the Income Tax Portal (www.incometax.gov.in). This is a new portal of Income Tax Department launched in June 2021. One need to login into his account on this portal. If anyone has not yet created his login account on this portal, he/she can do that with the help of their PAN. After login, one need to go to Services Tab and click the Annual Information Statement (AIS), it will redirect to the AIS website.

What does NRIs, OCIs, Seafarers do if there is any incorrect or duplicate information in the AIS?

NRIs, OCIs, Seafarers can review the information available on AIS and reconcile with their actual transactions & information. If they find any information which is incorrect or duplicate, they can submit their feedback and report on same to the Income Tax Department.

Other NRI Related Services/Topics By S Lohia & Associates NRI Team

NRI Property Sale In India Tax Advisory Services
NRI Repatriation Services (Form 15CA and Form 15CB)
Non Residents, Seafarers ITR Filing Services In India
Lower TDS Certificate For NRIs, Foreign Citizens (Form 13)
NRIs, OCIs, Other Foreign Residents Agriculture Property In India
Benefits To NRIs, Non-Residents, Seafarers By ITR Filing In India
Non Resident Earlier ITR Filing Approval And Claiming Refund
New Income Tax Slabs For FY 2020-21 For NRIs, Non Residents
Seafarer, Merchant Navy Person Taxation in India
Various Services To NRIs, Non Residents In Delhi NCR, Bangalore, Mumbai, Kolkata, Chennai, Hyderabad, Pune, Chandīgarh, Punjab, Other Major Cities India

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