The Income Tax (IT) division at present mentioned taxpayers can now entry the brand new Annual Information Statement (AIS), which incorporates extra classes of knowledge like curiosity, dividends, securities and MF transactions, and remittances from overseas, on the e-filing portal.
The I-T division had final month expanded the listing of high-value monetary transactions, which might be out there to taxpayers of their Form 26AS by together with particulars of mutual fund (MF) purchases, international remittances, in addition to data in ITRs of different taxpayers.
Form 26AS is an annual consolidated tax assertion that may be accessed from the income-tax web site by taxpayers utilizing their Permanent Account Number (PAN).
“AIS provides ease of access! It can be accessed now on the e-filing portal & downloaded easily in downloadable formats of PDF, CSV & JSON (machine-readable format). Click on link ‘AIS’ under ‘Services’ tab on http://incometax.gov.in,” the I-T division tweeted.
AIS allows a taxpayer to see and confirm taxpayer information out there with taxmen, present suggestions in case of discrepancies, view/replace the Taxpayer Information Summary (TIS) used for pre-filling of ITR.
The Budget for 2020-21 had introduced the revised Form 26AS, giving a extra complete profile of the taxpayer, going past simply the small print of tax collected and deducted at supply.
Additional data prescribed consists of international remittance made by any individual by an authorised seller, the breakup of the wage with deductions claimed by the worker, data in ITR of different taxpayers, curiosity on revenue tax refund, data revealed within the assertion of economic transactions.
Also, off-market transactions reported by depository/ registrar and switch agent, details about dividend of mutual fund reported by RTA, and details about the acquisition of mutual fund reported by RTA too could be included in Form 26AS.
The Budget 2020-21 had launched a brand new Section 285BB within the Income Tax Act, to revamp Form 26AS to an ‘Annual Information Statement’ which aside from the TDS/ TCS particulars, would include complete data referring to specified monetary transactions, fee of taxes, demand/ refund and pending/accomplished proceedings undertaken by a taxpayer in a selected monetary 12 months that must be talked about within the revenue tax returns.
Following that, in May final 12 months, the I-T division had notified the revised Form 26AS, together with data on high-value monetary transactions undertaken throughout a monetary 12 months, a transfer which additionally facilitated voluntary compliance and ease of e-filing of I-T returns.
With this final month’s I-T division order, the listing of particulars to be out there in Form 26AS has been expanded additional.
AMRG & Associates Director (Corporate & International Tax) Om Rajpurohit mentioned though the AIS facility gives intensive data on salaries, shares, mutual funds, dividends, curiosity, and different monetary gadgets however presently it doesn’t embrace data on revenue from futures and choices.
“In addition, there are anomalies reflecting in capital gain computations that must be remedied prima facie. Thus, for the time being, the question of how helpful/complex it is for a layman remains unresolved and will be addressed in the near future, since it requires a comprehensive analysis and reconciliation of information in cases when a person has numerous sources of income,” Rajpurohit mentioned.
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