The Central Board of Direct Taxes recently announced availability of Annual Information Statement (AIS) to the taxpayer through the e-Filing portal.
The Indian government intends to expand the scope of details which would be available to the taxpayer which will help the taxpayer in filing their income tax returns more accurately. Government brought this new mechanism for better compliance in income tax return filing. AIS is nothing but basically a statement of all your transactions in various entities, which is brought to one platform via your PAN. India to Be Among A Few Economies to Rebound Strongly; Impact of New COVID-19 Variant Omicron to Be Less Severe, Says Finance Ministry Report
The AIS is a comprehensive statement containing details of all the financial transactions undertaken by you in a financial year (FY), i.e., it contains the information that are specified under the Income-tax Act, 1961. It will now include information related to income earned from various sources such as salary, dividend, interest from a savings account, recurring deposits, sale and purchase of equity shares, bonds, mutual funds, etc. The statement will also contain information related to TDS, TCS, and any tax demand or refund.
Now, AIS is divided into two parts:
Part A will display general information such as name, DOB, PAN, masked Aadhaar number, mobile number, address and others while Part B will show detailed information relating to TDS, Specified Financial Transactions, payment of taxes, demand and refund and other info like interest on refund, outward foreign remittance, purchase of foreign currency.
The Income Tax department has also provided an AIS Utility for taxpayers to view AIS and upload feedback through offline mode. The reported value and value after feedback will be shown separately in the AIS. In case the information is modified/denied, the information source may be contacted for confirmation. Budget 2022: Finance Minister Nirmala Sitharaman to Hold Pre-Budget Consultations With Representatives From Various Sectors Today
Finance Ministry has said that till the new AIS is validated and completely operational, the display of Form 26AS on the TRACES portal will also continue in parallel.
(The above story first appeared on LatestLY on Dec 20, 2021 01:25 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).