Do I file AIS & TIS even if no tax is owed?
Information return obligations of this kind are generally required on the facts rather than on the tax result, so a nil position does not remove one. Indian filers, including NRIs whose Indian bank, broker and property transactions are reported automatically.
What happens if I have missed AIS & TIS for several years?
Missed years are dealt with as a package rather than one at a time, because the route chosen for the first year affects the relief available for the rest. We map the years and the obligations before anything is filed.
Is AIS & TIS the same as the other reports I already file?
No. The annual information statement and its summary, showing what third parties reported about a taxpayer. Satisfying a different obligation, even one covering the same accounts or entity, does nothing for this one.
My AIS shows income I never received, what should I do?
Work out where the entry came from before you change anything on the return. The statement is assembled from what third parties reported, so an entry you do not recognise traces back to a bank, a registrar, a broker or an employer, and the first step is to identify which. Common causes are a joint holding reported wholly against one person, a transaction reported twice by two parties, or a gross figure shown where you received a net one. Reconcile the entry to your own records, take it up with the reporting entity where it is genuinely wrong, and keep the working. A return that departs from the statement should be able to explain why.
Do NRIs have an AIS in India?
Yes. The statement is built from what Indian institutions report about a taxpayer, and an NRI's Indian bank interest, broker transactions and property dealings are reported automatically in the same way as a resident's. Living outside India does not keep a transaction out of it. This surprises people who think of themselves as having left the Indian system behind, and it matters because the department is looking at a picture of your Indian affairs whether or not you have looked at it yourself. Checking it is the cheapest step in the whole exercise.
What is the difference between the AIS and the TIS?
The annual information statement is the detailed record of what third parties reported about you, entry by entry and source by source. The taxpayer information summary is the condensed view of the same underlying material, grouped so the totals can be read at a glance. Use them together rather than choosing between them. The summary tells you quickly whether the shape of your return matches what the department already holds, and the detailed statement is where you go to find out which reporting entity produced a figure you were not expecting.
Will my Indian return be questioned if it does not match my AIS?
A return that contradicts the statement is the most likely thing to draw an enquiry, because the department is comparing the two and a difference is easy to spot automatically. That does not mean every difference is wrong. There are perfectly good reasons why a return departs from what a third party reported, including exemptions, cost of acquisition on a sale, and amounts belonging to another holder. The point is to have the reconciliation in hand before filing, so that if the question comes you are answering from a prepared working rather than assembling one under a deadline.
My Indian broker's trades appear in my statement but I am not resident, is that wrong?
Not necessarily. Reporting entities report the transaction, not a conclusion about your residence or your tax. A broker reports what went through the account, a registrar reports the property transfer it registered, and a bank reports the interest it credited. Whether any of it is taxable in India, and at what rate, depends on your residence position and on the treaty where one applies. So the entries being there is expected; the work is establishing your position for the year and then showing how the return treats each reported item, including the ones that are reported but not taxed.
Should I check my AIS before filing my Indian return or after?
Before, always. The reconciliation is cheap while you are still preparing and expensive once a notice has been issued, because after a notice you are explaining a filed position rather than choosing one. Pull the statement and the summary at the start, lay them beside the records you are filing from, and deal with each difference as you go: matched, explained, or taken up with the reporting entity. Anything still unexplained at the end is the part of the return most likely to be asked about, which tells you where the supporting papers need to be strongest.
What is TCS on foreign remittance?
Tax collected at source. When a resident individual remits money abroad under the Liberalised Remittance Scheme — or buys an overseas tour package — the bank or seller collects an amount of tax on top and deposits it against your PAN. It is not a cost and it is not a final tax: it appears in your annual tax statement and is set off against the tax on your return, with the excess refunded. The rates and the purposes they attach to have been amended repeatedly, so we confirm them for the remittance year. See LRS limits and TCS.
What are Form 15CA and Form 15CB?
They are the certification pair required before certain remittances leave India. Form 15CA is the remitter's declaration filed online; Form 15CB is the accountant's certificate supporting the tax treatment and the rate applied, including any treaty relief. Which combination you need depends on the nature and size of the payment, and banks will generally not process the remittance without them. See Form 15CA.
