Opening of account on Paytm now part of AIS; Click to Know More

Opening of Account on Paytm Bank is now part of the Income Tax Annual Information Statement (AIS). If you think money received via Paytm will not catch the eyes of the Income Tax Department, you are wrong. The government considered the transactions related to account opening on digital payments app into income tax purview.

Paytm is an Indian multinational financial technology company, that specializes in digital payments and financial services, based in Noida. It was founded in 2010 by Vijay Shekhar Sharma under One97 Communications.

Annual Information Statement (AIS) is a comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayers can provide feedback on the information displayed in AIS. AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information).

The objectives of AIS are:

• Display complete information to the taxpayer with a facility to capture online feedback
• Promote voluntary compliance and enable seamless prefilling of return
• Deter non-compliance

Click here to read about Transactions being reported in AIS