Dos and Don’ts Of Income Tax’s AIS

Sun, 02 Jan 2022 09:25:42 +0000

The Buyt Desk

The income tax department of the Government of India rolled out a new feature in its portal Annual Information System. It shares a comprehensive view of taxpayers’ data.

The data consist of information related to interest income on saving bank account, dividends, security transactions, overseas remittance data and mutual fund transactions.

To give a seamless experience to AIS users, the income tax department has shared some Dos and Don’t’s which taxpayers should follow while using this facility.

The department shared this information in a tweet and mentioned, ‘Caveat! There are some Do’s and Don’t’s which taxpayers should observe to have seamless experience within the AIS utility’.

The Dos of Annual Information System For Taxpayers

Always use the latest version of the AIS utility
Share suggestions on the knowledge that AIS displays
Check AIS regularly
Verify tax information summary (TIS) values used for prefiling of returns
Use the AIS utility to verify

The Don’ts Of Annual Information System

Do not use the old or outdated version of AIS JSON.
Do not enter wrong suggestions in the AIS database.
Never share your e-filing details with anyone.

The taxpayers can access the AIS by clicking on the link “Annual Information System AIS’ in the Service category in the new portal of the income tax department.

The portal has added a new facility that offers an online feedback facility to the taxpayer. If the taxpayer finds the information in AIS inaccurate or erroneous they can immediately provide feedback on the same. They are allowed to modify the information value and provide customized feedback in the info category.

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Annual Information Statement A New Compliance In Income Tax Portal

Wed, 24 Nov 2021 07:53:00 +0000

The Buyt Desk

The Annual Information Statement is the new information the Income Tax Department has added in the compliance section of the Income tax portal. This informs the taxpayer about his/her annual financial transaction summary.It gives clearer and detailed information to the taxpayer so that he/she can file their return on the basis of the annual statement thus decreasing the chance of any mismatch between income earned and tax paid. This information is broader than the information provided in Form 26AS.

What is Annual Information Statement ?

AIS is the taxpayer’s financial summary available with the Income Tax Department. The information present in AIS helps the taxpayer in filing his/her tax return. The Income Tax Department collects this information from multiple financial entities like banks, stockbroking firms, etc. These departments share complete financial details with the Income Tax Department.

What information does Annual Information Statement give ?

AIS represents both the reported value and modified value for each type of information, such as SFT, TDS and other information. The reported value is the value that reporting bodies present. The modified value is the value considered after the feedback of taxpayers. All the earnings of an individual through dividend ,mutual funds, interest and high value purchases will be mentioned in AIS.

The AIS option in the Income Tax Portal has two tabs. Taxpayers Information Summary and Annual Information Statement. AIS is about comprehensive information views, such as TDS/TCS, foreign remittances, bank interest, dividends and mutual fund transactions.

TIS provides the aggregated value of transactions such as TDS, mutual fund transactions and TCS.

AIS has been divided into two parts, Part A provides the general information, which is more about PAN, name, masked Aadhar number, etc., and Part B fetches information related to TDS/TCS, specified financial transactions, payment of taxes, demand and refund.

The Features Of Annual Information Statement

Provides Additional Information – AIS provides information not available in Form 26AS, such as dividend incomes, saving bank interest income, sale of the mutual fund, securities, shares, and purchase details.

Provide Ease In Filing Return – The simplified AIS gives information about the aggregated value of multiple transactions an individual has made. Pre-filling of information will also be there.

Provide Feedback – The best feature of AIS is that taxpayers are allowed to submit feedback online on AIS information as well as download AIS in JSON, CSV and JSON.

Method To Download AIS

Step One: Log in to the e-filing portal. You can use either the Aadhar or PAN card, followed by the password.

Step Two: On the top menu, find the option ‘Services’. Click on the option ‘Annual Information Statement (AIS)’.

Step Three: Tap on the Proceed button to continue.

Step Four: In the AIS tab, click on the download button.

Step Five: You get two options to select, JSON and PDF. Select anyone and then click on the option ‘Download’.

Step Six: Tap on option PDF and then enter the password to open documents.

The password for the same will be your PAN number and date of birth.

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