Taxpayers can access new AIS info statement on E -Filling Portal

Taxpayers can now access the new Annual Information Statement (AIS), which contains information on the e-filing portal, according to the Income Tax Department.

Taxpayers can now access the new Annual Information Statement (AIS) on the e-filing platform, which includes additional categories of information such as interest, dividends, securities and MF transactions, and remittances from abroad, according to the Income Tax Department.

Last month, the Internal Revenue Service (IRS) added details of mutual fund (MF) purchases, international transfers, and information from other taxpayers’ ITRs to the list of high-value financial transactions that would be available to taxpayers in their Form 26AS.

Taxpayers who use their Permanent Account Number can view Form 26AS, an annual consolidated tax statement, on the IRS website (PAN).

“AIS makes it simple to use! It is currently available on the e-filing portal and may be downloaded in PDF, CSV, and JSON forms (machine-readable format). On http://incometax.gov.in, click the ‘AIS’ link under the ‘Services’ page “The IT department sent out a tweet.

A taxpayer can utilise AIS to examine and verify taxpayer information on file with the IRS, provide feedback in the event of discrepancies, and view/update the Taxpayer Information Summary (TIS) that is used to pre-fill ITRs.

The updated Form 26AS was introduced in the Budget for 2020-21, and it provides a more detailed picture of the taxpayer than the data of tax received and deducted at source.

Foreign remittances made by any person through an authorized dealer, the breakdown of the salary with deductions claimed by the employee, information in other taxpayers’ ITRs, interest on income tax refunds, and information published in the statement of financial transactions are all examples of additional information required.

Off-market transactions reported by the depository, registrar, and transfer agent, as well as information about mutual fund dividends reported by RTA and information about mutual fund purchases reported by RTA, would all be included in Form 26AS.

Apart from the TDS/TCS details, the Budget 2020-21 introduced a new Section 285BB in the Income Tax Act to revamp Form 26AS to a ‘Annual Information Statement,’ which would contain comprehensive information relating to specified financial transactions, payment of taxes, demand/ refund, and pending/completed proceedings undertaken by a taxpayer in a particular financial year that must be mentioned in income tax returns.

Following that, in May of last year, the Internal Revenue Service (IRS) issued a redesigned Form 26AS, which included information on high-value financial transactions made during a fiscal year, facilitating voluntary compliance and e-filing of I-T reports.

The set of facts to be supplied in Form 26AS has been enlarged further thanks to an I-T department regulation issued last month.

Even though the AIS facility provides extensive information on salaries, stocks, mutual funds, dividends, interest, and other financial items, according to AMRG & Associates Director (Corporate & International Tax) Om Rajpurohit, it currently does not include information on income from futures and options.

“Also, there are inconsistencies in capital gain computations that must be addressed first and foremost.”

Thus, for the time being, the topic of how helpful/complex it is for a layperson remains unresolved and will be addressed in the near future, because it necessitates a thorough investigation and reconciliation of data in circumstances when a person has multiple sources of income.” Rajpurohit went on to say.