IT Annual Information Statement

A new Annual Information Statement (AIS) has been released by the Income Tax Department) that contains additional categories of information, including dividends, Interest, investment trust transactions, securities transactions and remittances from overseas.

About Annual Information Statement

Form 26AS is currently being described as an integrated annual tax return containing information on withholding / collected taxes, pre-tax and self-assessment, which is submitted to the Income Tax website against the Permanent Account Number (PAN) of the tax payer. In the 2020- 21 budget, the revised Form 26AS was announced. This provides a broader profile of taxpayers and goes beyond the details of withholding and deducting taxes.

The revised AIS contains information on additional categories of dividends, interest, investment trust transactions, securities transactions, international remittances, and many other transactions currently available from the Income Tax Office.

What happens to Form 26A?

The tax office states that Form 26AS will continue to exist until the new AIS is validated and fully functional. In May last year, the ministry announced a new annual information declaration for Form 26AS, which will come into effect on June 1, 2020.

Working of AIS

To access the new AIS, the Annual Information Statement (AIS) link on the Services tab of the new income tax filing portal must be used. Online feedback is provided if taxpayers suspect that the information is incorrect, related to another person / year, or duplicated. One can also provide feedback by submitting multiple pieces of information together. There is also an AIS utility for taxpayers to view their AIS and upload their feedback offline. The reported value and the value after feedback are displayed separately in AIS. If the information is changed / rejected, one can contact the source for confirmation.

Taxpayer Information Summary’s simplified version has also been created for each taxpayer, displaying aggregated taxpayer values ??and simplifying tax returns. When taxpayers provide feedback on AIS, the information obtained at TIS is automatically updated in real time and this information is used to pre-file tax returns.

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