Annual Information Statement New Format: Check Out Perks, Features, Key Details

The Income Tax Department has introduced a new format for the Annual Information Statement (AIS) of the taxpayers. Brought with an aim of increasing transparency into the system, the new AIS will present a broader set of information to the taxpayers. AIS basically are a financial summary of the taxpayers and is meant for facilitating the process of tax filing. IT department collects information about all the financial transactions performed by the taxpayers from financial entities such as banks and stockbroking funds. These entities are delegated with the task of providing such information for AIS

For every information like TDS, SFT and others, AIS contains both values reported by the reporting entities as well as the modified value calculated after considering taxpayer’s feedback. The AIS available on the I-T portal is categorised under two tabs- Annual Information Statement (AIS) and Taxpayer Information Summary (TIS).

While AIS contains comprehensive information of TDS/TCS, Bank interest Mutual funds, foreign remittance and dissidents, TIS gives aggregated value of such information

Now, AIS is broadly divided into parts:

– Part A displays general information such as name, DOB, PAN, masked Aadhaar number, mobile number, address and others.

-Part B carries 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 etc

What will the new AIS format do?

– The new AIS with all the additional information will cut the hassle encountered by taxpayers while accessing information that wasn’t even included in Form 26 AS. This means taxpayers will now be able to access information about interest, dividends, sale of mutual funds.

– The new AIS will also smoothen the process of submitting feedback as taxpayers will now be able to submit feedback online.

– The simplification of the information under the TIS tab will help people to get the aggregate value of various transactions easily.

There are many features of the new AIS that are still in progress and will be available to us at a later stage. In case there is any inconsistency in data available in the AIS and information available on Form 26AS on Traces, the taxpayers shall use Form 26AS as the basis of filing tax returns.

Read all the Latest Business News here

Original news source