Tally for CAs in Industry Silver Edition (Single User) Tally Renewal (Auditor Edition) Need Tally for Clients? (Tie-up with us!!!)
Open DEMAT Account with in 24 Hrs and start investing now!
Top Headlines »
Open DEMAT Account in 24 hrs
 Notification No. 133/2021 ENTRAL BOARD OF DIRECT TAXES
 Guidelines under sub-section (4) of section 194-O, sub-section (3) of section 194Q and sub-section (1-I) of section 206C of the Income-tax Act, 1961
 Avoid these 7 mistakes while making tax saving investments
 Income-tax (32nd Amendment), Rules, 2021
 5 Tax Saving Options for Young Professionals
 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
 Error in Form 26AS? Here's how to fix it before filing your ITR
 All about the new annual information statement of the income tax department Explained
  Now get more information at one place to file ITR Annual Information Statement vs Form 26AS
 Notification No. 131/2021 Central Board Of Direct Taxes
 Here s how you can check income tax refund status
 Specific income is exempt from tax under Form 15G
 ITR filing process ends with receipt of intimation notice under section 143(1) - Here's how to read it
 Guidelines under clause (23FE) of section 10 of the Income-tax Act, 1961 - reg.
 Form 26AS info list to include foreign remittances, mutual funds Income Tax

All about the new annual information statement of the income tax department Explained
November, 20th 2021

The income-tax department has rolled out the new Annual Information Statement (AIS) in the Compliance section of the Income tax portal, with the aim of bringing transparency and offering detailed information to the taxpayer. This statement is an extensive view of information for a taxpayer, even broader than Form 26AS.

Typically, AIS is a financial summary of the taxpayer that is available with the income tax department and shall facilitate ease in filing tax returns. Information about various financial transactions executed by the taxpayer is obtained by the department from various financial entities (e.g., banks, stock broking firms) that are delegated with the task of furnishing such information.

 

AIS shows both reported value (value reported by the reporting entities) and modified value (i.e. the value after considering taxpayer’s feedback) for each type of information, i.e. TDS, SFT, other information, etc.

Under the AIS option on the Income tax portal, there are two tabs – Annual Information statement (AIS) and Taxpayer Information Summary (TIS).

Broadly, the AIS is divided into two parts: Part A and Part B.

PART A- General Information

It displays general information such as PAN, masked Aadhaar number, name, date of birth/incorporation/formation, contact details of the taxpayer (mobile number, address).

PART B: The following information is provided in Part B

Salient Features of AIS and TIS:

Additional information available: AIS and TIS provide additional information, which was not available in Form 26AS, including saving bank interest income, dividend income, details of purchase and sale of mutual funds, shares, securities, foreign remittance etc.

Ease in filing tax return: A simplified TIS which shows aggregated value of various transaction will help the taxpayer in filing returns. Also, pre-filling option will be available later.

Feedback: Taxpayers will be able to submit online feedback on AIS’s information and download AIS in PDF, JSON, and CSV file formats.

In case there is variation between the TDS/TCS information relating to tax payment as shown in the AIS on Compliance Portal and Form 26AS on TRACES, then the taxpayer can rely on the information present on the TRACES portal for filing of ITR and other tax compliance purposes.

While certain features of AIS are still under progress and will be available in due course, we will have to wait and watch the functionality of the same.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2021 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting