Information about Annual Information Statement

Information about Annual Information Statement

The Income Tax Department has announced the roll-out of a new statement – AIS (Annual Information Statement). This will give you all the details (well almost all!) about YOUR financial transactions during the year.

What is AIS (Annual Information Statement)

Earlier Income Tax used to give statement 26AS. AIS is a much detailed one – with many more details included – like your Savings Interest, all Mutual Fund transactions during the year etc.

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Will 26AS be stopped?

• Now you can get both 26AS and also AIS.
• Both put together, Income Tax department knows all your financial transactions.
• You will find it very easy to know and submit details for your Income Tax returns.

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How to access my AIS?

• Log in to your Income Tax account at http://incometax.gov.in
• Go to Services Tab
• Last option in this tab is the AIS option.

AIS will capture all financial transactions of the previous year.

• Stocks
• Insurance
• Credit Cards
• Purchase of property
• Mutual Funds
• Salary or Business income
• Dividends
• Interest on SB A/c and Deposits.

5 Step Guide to ITR Filing

5 Step Guide to ITR Filing

More than 1.76 crore taxpayers have had their ITRs processed through the e-filing site for the fiscal year 2021-22, according to the IRS.

The Income Tax Department has urged taxpayers to file ITRs through the e-filing portal incometax.gov.in in order to expedite the filing and processing of their returns. More than 1.76 crore taxpayers have had their ITRs processed through the e-filing site for the fiscal year 2021-22, according to the IRS.

How to use an e-filing site to file an ITR

The ITR e-filing procedure is simple and quick. ITR filing through the e-filing platform incometax.gov.in can also save money for taxpayers because they will not need to engage a professional to file their ITR. All they have to do now is follow the steps outlined below:

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1] Go to incometax.gov.in and click on the ‘Login’ option to access the e-filing site;

2] Fill in your ‘username,’ then click ‘continue,’ before entering your password;

3] Next, go to the ‘e-file’ tab and select the ‘File Income Tax Return’ option;

4] Click on the ‘Continue’ option after selecting the ‘Assessment Year 2021-22’ option;

5] You will then be asked to pick between ‘online’ and ‘offline’ options; select online and click the ‘Proceed’ tab;

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6] Select ‘person’ from the list of choices — individual, Hindu Undivided Family (HUF), or others;

7] Select ‘Continue’ from the drop-down menu;

8] Select ITR-1 or ITR-4 from the drop-down menu and click the ‘Proceed’ button;

9] The next phase will question you why you filed your returns beyond the basic exempted limit or because of Section 139’s seventh clause (1). When filing your ITR online, make sure you select the appropriate option.

10] Fill in your banking information;

11] After that, you’ll be taken to a new page where you can file your ITR;

12] Verify your ITR and mail a hard copy of your return to the Internal Revenue Service. The verification of your ITR is required.

Over 1 crore taxpayers have received refunds from the Income Tax Department.

Over 1 crore taxpayers have received refunds from the Income Tax Department

Taxpayers can also check the status of their return 10 days after the Assessing Officer has sent it to the Refund Banker. This includes 67.99 lakh refunds of Rs 13,140.94 crore for the assessment year (AY) 2021-22, according to Income Tax India.

Over 1.02 lakh taxpayers have received refunds of over Rs 1,19,093 crore from the Central Board of Direct Taxes (CBDT). The reimbursements will be issued from April 1, 2021 to November 15, 2021, according to the IRS. Refunds totaling Rs 38,034 crore have been issued in 1,00,42,619 cases, with corporate tax refunds of Rs 81,059 crore issued in 1,80,407 cases, according to the Income Tax Department. Also see: Income Tax Alert: Before Filing an ITR, Taxpayers Should Check This Important Document

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This includes 67.99 lakh refunds of Rs 13,140.94 crore for the assessment year (AY) 2021-22, according to Income Tax India. Also Read – Will You Attend the 2021 International Trade Fair? You Can Now Take Advantage of Income Tax Savings

RTGS / NECS and Paper cheques are the two methods for receiving income tax refunds. Taxpayers can also check the status of their return 10 days after the Assessing Officer has sent it to the Refund Banker. Also read: Income Tax Return: Rs 36,000 Crore ITR Refund Issued. How to Check the Status of a Project

Have you forgotten to double-check your tax return? Carry it out

By entering the ‘PAN’ and ‘Assessment Year’ at www.tin-nsdl.com, the status of a ‘paid’ refund that was not paid through ‘Refund Banker’ may also be viewed.

Go to https://tin.tin.nsdl.com/oltas/refund-status-pan.html for further information. You must enter information such as your Permanent Account Number (PAN) and Assessment Year once you get to the website.

The ‘Refund Paid’ status is also indicated on Form 26AS’s ‘Tax Credit Statements.’