: Income Tax Department updates Annual Information Statement on Compliance Portal #FinanceIndia #StockMarketNEWS Income Tax Department updates Annual Information Statement on Compliance Portal New Delhi,

@StockMarketNEWS Mon 01 Nov, 2021

Posted in: #FinanceIndia #StockMarketNEWS

Income Tax Department updates Annual Information Statement on Compliance Portal #FinanceIndia #StockMarketNEWS
Income Tax Department updates Annual Information Statement on Compliance Portal New Delhi, 1 Nov (KNN) The Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback.

The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www. incometax. gov. in) The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational.

It includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc. The reported information has been processed to remove duplicate information. Taxpayer will be able to download AIS information in PDF, JSON, CSV formats.

If the taxpayer feels that the information is incorrect, relates to other person/year, duplicate etc. , a facility has been provided to submit online feedback. Feedback can also be furnished by submitting multiple information in bulk.

An AIS Utility has also been provided for taxpayers to view AIS and upload feedback in offline manner. The reported value and value after feedback will be shown separately in the AIS. In case the information is modified/denied, the information source may be contacted for confirmation.

A simplified Taxpayer Information Summary (TIS) has also been generated for each taxpayer which shows aggregated value for the taxpayer for ease of filing return. TIS shows the processed value (i. e. the value generated after deduplication of information based on pre-defined rules) and derived value (i. e. the value derived after considering the taxpayer feedback and processed value).

If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real time. The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner).

Taxpayers should remember that Annual Information Statement (AIS) includes information presently available with the Income Tax Department. There may be other transactions relating to the taxpayer which are not presently displayed in Annual Information Statement (AIS). Taxpayersshould check all related information and report complete and accurate information in the Income Tax Return.

The taxpayers can view the information shown in Annual Information Statement (AIS) and provide feedback if the information needs modification. The value shown in Taxpayer Information Summary (TIS) may be considered while filing the ITR.