Why checking AIS is Compulsory Before Filing your Income Tax Returns
In order to promote transparency and simplifying the tax return filing process, CBDT vide Notification dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961. The new Form 26AS is an Annual Information Statement or AIS which will provide a complete profile of the taxpayer for a particular year.
Income Tax Department has announced roll-out of a new statement – AIS (Annual Information Statement). AIS gives you all details about your financial transactions during the year.
What is AIS (Annual Information Statement)?
You know earlier Income Tax used to give statement 26AS. AIS is a much detailed one – with many more details included – like your Savings Interest, all Mutual Fund transactions during the year etc. There are more than 50 Categories click to know all
Click here to know Taxpayers 50 Transactions will be reported in New Annual Information Statement (AIS)
Shall 26AS be stopped once AIS is live?
No you will get both 26AS and also AIS. Both put together, Income Tax department knows all your financial and non financial transactions.
Why you need to check AIS before filing your income tax returns?
Tax payers at times forget to report saving bank interest or shares transactions or any other high value transactions. Now at the time of filing the returns they can cross check if they have missed out to report any transaction with the help of ASI statement which is available online.
I have not given my PAN Card for many high value transaction still i have to check AIS?
Income Tax Department will use Data Analytics to populate PAN in non-PAN data for inclusion in AIS. In case no valid PAN is available in the submitted information, the PAN will be populated on matching Aadhaar and other key attributes.
How to check Online AIS of Taxpayer?
Online Step Wise Process to
Log in to your Income Tax account at http://incometax.gov.in then go to Services Tab and Last option in this tab is the AIS option. It will open a new tab with below two options:
a) Left side – Tax Information Summary (TIS) b) Right side – AIS
TIS is a summary and AIS is the detailed statement. You can download both. When you download you get a pdf statement. PDF will be password protected. Password is ur PAN Number (in CAPITAL) + Date of Birth (DDMMYYYY)
AIS will capture all financial transactions of the previous year.
What if AIS information is duplicate or wrong how to give feedback?
In case where similar information is reported under different information types (e.g. reporting of interest/dividend in SFT and TDS) the information with lower value will be marked as “Information is duplicate / included in other information” using automated rules.
The taxpayer will be able to view AIS information and submit following types of response on the information:
• Information is correct
• Information is not fully correct
• Information relates to other PAN/Year
• Information is duplicate / included in other information
• Information is denied
• Customized Feedback
The AIS Feedback processing approach is as under:
• The feedback provided by assessee will be captured in the Annual Information Statement (AIS) and reported value and modified value (i.e. value after feedback) will be shown separately.
• The feedback provided by assessee will be considered to update the derived value (value derived after considering the taxpayer feedback) in Taxpayer Information Summary (TIS)
• Information assigned to other PAN/Year in AIS will be processed and information will be shown in the AIS of the taxpayer using automated rules.
• In case the assigned information is modified/denied, the feedback will be processed in accordance with risk management rules and high risk feedback will be flagged for seeking
confirmation from the information source.
Do Taxpayers get notice if they have not reported AIS Information transaction in Income Tax Returns?
The information in the ASI will be automatically crossed checked with the income tax returns filed by the taxpayers. In case there is any discrepancies or mis match then there are high chances to receive intimation for filing revise returns. Further if no action is taken then taxpayer may receive notice from Income Tax Department. So it becomes really important to file your taxes correctly with all the information.
You must log in to post a comment.