Now, info on curiosity, dividend, securities transactions, mutual fund transactions, overseas remittance is only a click on away for revenue tax payers.
The Revenue tax division has rolled out the brand new Annual Data Assertion (AIS) on the compliance portal, which offers a complete view of knowledge on varied transactions and revenue listed above to a taxpayer with a facility to seize on-line suggestions. The brand new AIS might be accessed by clicking on the hyperlink “Annual Data Assertion (AIS)” below the “Providers” tab on the brand new Revenue tax e-filing portal — https://www.incometax.gov.in.
The event got here shut on the heel of the division incorporating extra items of details about taxpayers’ transactions and revenue in Type 26AS.
The division stated on Monday that the show of Type 26AS on TRACES portal may also proceed in parallel until the brand new AIS is validated and fully operational.
Shailesh Kumar, companion at Nangia & Co LLP, stated the press assertion by the division means that present Type 26AS can be steadily changed by AIS.
He stated compared to Type 26AS, AIS is a extra complete single reference doc for taxpayers which can be modified by the taxpayer if he believes the knowledge reported is wrong.
The division cautioned the taxpayers that AIS contains info presently obtainable with it and there could also be different transactions regarding them which aren’t presently displayed within the utility. “Taxpayers ought to examine all associated info and report full and correct info within the Revenue Tax Return,” it stated.
In case there’s a variation between info on the tax deducted or collected at supply or the small print of tax paid as displayed in Type 26AS on TRACES portal and those displayed in AIS on Compliance Portal, the taxpayer might depend on the knowledge displayed on TRACES portal for the aim of submitting revenue tax returns and for different tax compliance functions, the division stated.