Annual information statement may make tax filing easier

Tax submitting is ready to get simpler as taxpayers can view tax-related info on their varied incomes at one place within the new annual info assertion (AIS).

The revenue tax division launched AIS this week on its portal that not solely incorporates a complete outlay of the taxpayer info but additionally permits the taxpayer to submit suggestions on the supplied info.

If a taxpayer finds any info within the AIS to be incorrect, duplicated or belonging to a distinct monetary 12 months, he/she will be able to report the identical within the type of a suggestions.

“The taxpayers are requested to view the data proven in annual info assertion (AIS) and supply suggestions if the data wants modification,” the Central Board of Direct Taxes (CBDT) acknowledged.

Which info is included?

The AIS captures info on virtually all monetary transactions achieved within the earlier monetary 12 months.

It consists of curiosity earned on financial institution financial savings account, curiosity on mounted and recurring deposits, dividend payout, buy of securities and models of mutual funds, sale proceeds of securities and mutual funds, off-market credit score transactions, overseas remittances and wage revenue, amongst different issues.

The concept is to offer taxpayers a complete assertion on their transactions that they will confer with whereas submitting their revenue tax returns.

“On the one hand, the AIS is anticipated to be helpful to taxpayers in giving particulars of all of the transactions, the place their PAN is reported by involved reporting entity and put together them upfront for needed dialogue with tax authorities. Then again, this AIS gives a complete info database to the tax authorities relating to transactions undertaken by the taxpayer at a single place,” mentioned Shailesh Kumar, accomplice, Nangia & Co. LLP.

Since taxpayers can test the data beforehand and get incorrect info modified earlier than submitting their ITR, it additionally reduces the trouble of coping with enquiries from the IT division for the smallest of errors.

Up to now few years, the CBDT has revamped ITR varieties to hunt detailed disclosures and elevated the scope of data in Kind 26AS to plug tax leaks. Now with the AIS, there won’t be a lot scope for taxpayers to cover revenue of their ITR returns.

“With roll-out of AIS, taxpayers might want to assessment their AIS on occasion and be careful for any transaction reported of their AIS. In case they consider any incorrect info has been reported of their AIS, they need to attain out to the involved reporting entity instantly and keep needed documentation to show that such incorrect transaction reported of their AIS doesn’t belong to them,” mentioned Kumar.

The CBDT official assertion has steered that AIS could steadily substitute Kind 26AS. For this evaluation 12 months, nonetheless, you must tally info supplied in each Kind 26AS and AIS. If there may be any variation between info in AIS as proven on the IT web site and Kind 26AS on TRACES portal, the taxpayer ought to think about the latter, mentioned the CBDT.

The place to seek out the AIS?

The AIS may be downloaded from the revenue tax e-filing portal (incometax.gov.in). When you login, go to the providers tab and choose AIS possibility from the dropdown record.

Aside from the detailed AIS, the portal may even present you tax info abstract (TIS), which incorporates the mixture worth for use throughout tax submitting.

“TIS exhibits the processed worth (i.e. the worth generated after de-duplication of data based mostly on pre-defined guidelines) and derived worth (i.e. the worth derived after contemplating the taxpayer suggestions and processed worth). If the taxpayer submits suggestions on AIS, the derived info in TIS will likely be routinely up to date in actual time,” the CBDT mentioned in its assertion.

Subscribe to Mint Newsletters

* Enter a sound electronic mail

* Thanks for subscribing to our publication.

By no means miss a narrative! Keep related and knowledgeable with Mint.
our App Now!!


Leave a Reply

Your email address will not be published. Required fields are marked *