I-T Dept Rolls Out New Annual Information Statement
IANS 02 November 2021
The income-tax (I-T) department has rolled out the new Annual Information Statement (AIS) on the compliance portal, providing 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 I-T e-filing portal. The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational.
 
The new AIS 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, and CSV formats.
 
If the taxpayer feels that the information is incorrect, relates to other person/year, is 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 de-duplication 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).
 
The AIS includes information presently available with the I-T department. There may be other transactions relating to the taxpayer which are not presently displayed in the AIS. The department said that taxpayers should check all related information and report complete and accurate information in the I-T return. Also, taxpayers have been requested to view the information shown in the AIS and provide feedback if the information needs modification. The value shown in the TIS may be considered while filing the ITR. In case the ITR has already been filed and some information has not been included in the ITR, the return may be revised to reflect the correct information.
 
In case there is a variation between the TDS/TCS information or the details of tax paid as displayed in Form26AS on TRACES portal and the TDS/TCS information or the information relating to tax payment as displayed in AIS on compliance portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing of ITR and for other tax compliance purposes.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
nileshwar
3 months ago
This is misleading. When I opened my PAN, I did not receive any new information. Only hype and publicity. All information being available, what can the tax-payer hide from the Department? The Department has to complete the assessment and raise a demand. It can be refuted by the tax-payer if wrong. Why the onus of filing returns on the tax-payer? And why the penalties?
Vivek Shah
Replied to nileshwar comment 3 months ago
Spot on. It's more of a hype for useless utilities. If the taxman has all the details why not spare the taxpayer the troubles of filing returns.
prakashtila
3 months ago
Good.this will save taxpayers time and money to get other information a8nd help in submitting correct details ????
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