ANNUAL INFORMATION STATEMENT

The Income-Tax Department has rolled out a new Annual Information Statement (AIS), which includes additional categories of information.

The facility can be accessed by visiting the online portal link of the Annual Information Statement (AIS) under the Services tab on the tax e-filing portal.

At present, Form 26AS is detailed by the Tax Department, which is a consolidated annual tax statement that includes information on TDS/ TCS, advance tax, and self-assessment. It is available on the Income-Tax website against a taxpayer’s PAN.

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The revised AIS includes additional categories of information – on interest, dividend, securities transactions, mutual fund transactions, and remittances from abroad, along with information on many other transactions that are at present available with the IT Department.

“There may be other transactions relating to the taxpayer which are not presently displayed in the AIS,” the I-T Department has said.

With the help of AIS, Taxpayers can view the information, report, and accurate data in the Income Tax Return.

Taxpayers just need to carefully check all transactions reflected in the AIS, so that correct information is then reflected in their returns.
With the revised AIS, most transactions are now under the purview of the I-T Department.

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The Department has said it also has access to information beyond what is being shown in the AIS, which will help tax authorities to assess a taxpayer’s profile comprehensively and reduce the scope of evasion.

The department has offered the convenience of feedback, which will ensure correction of any anomaly before a taxpayer files their returns. The ability to submit online feedback will help remove any duplicate and incorrect transactions.