I-T dept rolls out new annual info statement; taxpayers can give feedback

 









The income tax department on Monday rolled out a new annual information statement (AIS) on its portal that provides a comprehensive view of taxpayer information and an option to submit feedback.

The new AIS includes additional information related to interest, dividend, securities transactions, mutual fund transactions and foreign remittance information.

It said that until the complete operationalisation of new AIS, Form 26AS will continue to be available on the TRACES portal.

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

If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real time and will be used for pre-filling of return which shall be implemented in a phased manner.

"The taxpayers are requested to view the information shown in annual information statement (AIS) and provide feedback if the information needs modification," the Central Board of Direct Taxes (CBDT) said.

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 as shown in TIS.

"In case there is a variation between the TDS/TCS information or the details of tax paid as displayed in Form 26AS 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," it added.

Shailesh Kumar, partner at Nangia & Co LLP, said that in comparison to Form 26AS, AIS is a more comprehensive single reference document for taxpayers which can also be modified by the taxpayer if he believes the information reported is incorrect.

It provides a complete and detailed information related to interest, dividend, securities/ mutual funds transactions, he said.

"The wordings of the press release suggest that existing Form 26AS shall be gradually replaced by this utility. In addition to AIS, a simplified taxpayer information summary, which captures the aggregate values for taxpayer to ease return filing process, has also been rolled out," he added.

AMRG & Associates Director (Corporate & International) Om Rajpurohit said the roll-out of AIS on the compliance portal is a bold move as it will serve as a thorough reference for taxpayers in terms of reported transactions that must be included in ITR Forms, since the AIS contains comprehensive information.

"Further, the ability to submit online comments/ feedback for adjustment will aid both taxpayer and tax department in detecting and removing the duplicate/incorrect transactions early on," Rajpurohit said.

Comments

Post a Comment

Popular posts from this blog

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud
Read more

Seven key things to know before filing income tax return (ITR) for FY21

Image
  The last date to file income tax return for the financial year 2020-21 has been extended to September 30, 2021. Although there is more than two months left for the deadline to end, it is always recommended to complete the task as soon as possible and not to wait for the last minute. Worth mentioning here is that the income tax department last month launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. The I-T department will soon launch a mobile application, having all the features of the new portal. This year taxpayers have to take care of the following changes in the ITR filing process. 1) A new utility named JSON has been launched for filing tax return forms for FY21. At present, only three forms, ITR 1, 2 and 4 have been released. These new forms will import pre-fill data such as personal details, salary income, dividend income, interest income, capital gains and all the information available in Form 26AS. 2) Taxpayers will have the opti
Read more

Income Tax Return or ITR for FY20 Can Be Filed Till May 31

Image
  n the wake of severe Covid-19 pandemic, the Central Board of Direct Taxes (CBDT) has decided to extend timelines of various tax compliance dates on Saturday. “In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines today," the ministry of finance said in a statement. The move is aimed at mitigating “the difficulties being faced by various stakeholders," it further added. The “relaxations are the latest among the recent initiatives taken by the government to ease compliances to be made by the taxpayers with the aim to grant respite during these difficult times," it mentioned in a notification. “It’s a welcome move to extend the timeline of various tax compliances as the country is struggling with severe second wave
Read more