Now, data on curiosity, dividend, securities transactions, mutual fund transactions, international remittances is only a click on away for revenue tax payers.
Earnings Tax Division has launched the brand new Annual Info Assertion (AIS) on the Compliance Portal, which offers a complete view of the data on varied transactions and revenue listed above to the taxpayer together with the power to get suggestions on-line. The brand new AIS might be accessed by clicking on the hyperlink “Annual Info Assertion (AIS)” below the “Providers” tab on the brand new Earnings Tax e-filing portal – https://www.incometax.gov.in.
The event got here shut on the heels of the division incorporating extra details about taxpayers’ transactions and revenue in Type 26AS.
The division on Monday mentioned that the show of Type 26AS on the TRACES portal can even proceed in parallel until the brand new AIS turns into legitimate and absolutely operational.
Shailesh Kumar, Companion, Nangia & Co LLP mentioned that the division’s press assertion means that the prevailing Type 26AS will probably be regularly changed with AIS.
He mentioned that compared to Type 26AS, AIS is a extra complete single reference doc for taxpayers, which may also be amended by the taxpayer if he feels that the data reported is wrong.
The division cautioned the taxpayers that AIS contains at the moment accessible data and there could also be different transactions associated to them which aren’t at the moment displayed within the utility. “Taxpayers ought to scrutinize all related data and report full and correct data within the revenue tax return,” it mentioned.
If there’s a distinction between the data of tax deducted or collected at supply or the small print of tax displayed in Type 26AS on the TRACES portal and the data displayed in AIS on the compliance portal, the taxpayer can depend on the data displayed on TRACES. Is. Portal for submitting revenue tax returns and different tax compliance functions, the division mentioned.