The Taxpayer Information Summary (TIS) is a simplified, aggregated view of a taxpayer’s financial and tax data, introduced by the Income Tax Department to enhance transparency and ease ITR filing. TIS helps verify reported information against department records. How does TIS work, and why is it essential? Let’s break it down.
What Is TIS (Taxpayer Information Summary)?
TIS, or Taxpayer Information Summary, is part of the Annual Information Statement (AIS) introduced by the Indian Income Tax Department. It is a category-wise summary of a taxpayer’s financial data, seen through the lens of their PAN or Form 60/61. The summary has two main columns: the value processed by the system after deduplication, and the value accepted by the taxpayer after reviewing and giving feedback.
Essentially, TIS consolidates a taxpayer’s transaction history — such as salary, interest, dividends — into digestible categories. That helps with simplifying income tax return (ITR) filing.
How TIS Fits into AIS and Tax Filing:
TIS works hand-in-glove with the Annual Information Statement (AIS), serving as its distilled summary. AIS is the more detailed ledger, capturing everything — TDS/TCS, securities trades, mutual fund activity, foreign remittances, and more. Here’s how the flow works in practice:
- Data is collected and consolidated in AIS.
- The system processes values to remove duplicates.
- A taxpayer reviews AIS data and submits feedback if there are errors.
- TIS shows the derived value (after feedback) and the processed value. This derived value is then used to prefill the ITR.
Key Components of TIS:
TIS displays several critical pieces of information under each category:
- Information Category (like salary, interest, dividend)
- Processed Value: This is what the tax system computes after deduplicating similar entries.
- Derived Value: This reflects your feedback or confirmation and is used for ITR pre-filling.
- Within each category, you also see:
- Part of the source (e.g., TDS, SFT)
- Description of the transaction
- Information source (employer, bank, etc.)
- Amount reported, processed, confirmed
How to Access and Use the TIS Effectively:
Accessing the TIS is simple. Log in to the e-filing portal, open the AIS tab, and select TIS. The summary appears instantly. You should check every entry carefully. In addition, compare the amounts with your Form 16, bank statements, and investment proofs.
If you find incorrect information, you can submit feedback directly on the AIS section. The department reviews your input and updates the data when applicable. This ensures that your ITR aligns with verified information. In addition, review the TIS regularly, even if you are not filing your return. This habit helps you track your financial activity throughout the year.
Conclusion:
TIS is an essential tool for Indian taxpayers. It simplifies tax filing, increases accuracy, and improves transparency. It is also your financial snapshot for a financial year, neatly categorised and ready for ITR pre-filling. It streamlines tax compliance but requires proactive feedback to ensure accuracy. Explore more financial insights now!
– Ketaki Dandekar (Team Arthology)
Read more about Taxpayer Information Summary here – https://www.taxbuddy.com/tis