InvestorQ : What is the new AIS introduced by the Income Tax department?
diksha shah made post

What is the new AIS introduced by the Income Tax department?

vidhya Laxmi answered.
1 year ago
Income Tax 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. With its launch, the Department is expanding the list of high-value transactions covered till now under Form 26AS. Notably, the display of Form 26AS on the TRACES portal will also continue in parallel till the new AIS is validated and completely operational.

The new AIS also provides for a simplified taxpayer information summary (TIS), which shows the aggregated value for the taxpayer for the ease of filing returns. It 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.

Given below are a few things you should know about AIS?
  1. If the taxpayer examines whether the information provided is incorrect and is related to the other person or year. Then the facility is provided to submit the online feedback.
  2. The feedback can be given by submission of multiple information in bulk.
  3. An AIS Utility has also been granted for taxpayers to see AIS and to upload feedback in offline mode.
  4. The reported value and the feedback will be shown separately on the AIS and if further modification is done then the source providing the information will be contacted for confirmation.
  5. A simplified Taxpayer Information Summary (TIS) is made in order to simplify the ease of filing returns.
  6. The TIS has two values, which are processed value and derived value, and once the taxpayer sends the feedback on AIS, the TIS will be automatically updated on the online platform.
  7. The information in TIS will be utilized in pre-filling of Return i.e. enabled in a phased manner.
  8. The taxpayer should be aware of the Annual Information Statement (AIS) that involves the information presented by the Income Tax Department. Currently, there are no transactions related to the taxpayer shown in the Annual Information Statement (AIS).
  9. Taxpayers can view the information, report, and accurate data in the Income Tax Return.
  10. If the ITR is filed and lacks information that needs to be provided, then the return can be revised with the correct information.
  11. If there is a variation between the TDS/TCS information, then the details of the tax paid are shown in Form 26AS on the TRACES portal.
  12. TDS/TCS information relating to tax payment as shown in the AIS on Compliance Portal, then the taxpayer can rely on the information present on the TRACES portal for filing of ITR for other tax compliance purposes.