Review of TDS/TCS Amendments in Budget 2025
Review of TDS/TCS Amendments in Budget 2025 Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) provisions are integral to the tax system, ensuring tax collection at the source of…
As the deadline for filing Income Tax Returns (ITR) draws near, some taxpayers may notice discrepancies in their Annual Information Statement (AIS). The AIS is a detailed record of financial transactions necessary for ITR filing. Errors in the AIS can complicate the filing process and draw scrutiny from tax authorities.
The AIS consolidates a taxpayer’s financial transactions into one comprehensive statement. It includes details on income, taxes paid, bank transactions, investments, and other financial activities. The AIS is designed to simplify the ITR filing process by providing relevant data in one place.
Carefully review the information in both parts.
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