The Cash flow Tax division on Sunday reported taxpayers can now entry the new Yearly Information and facts Assertion (AIS), which features further types of details like fascination, dividends, securities and MF transactions, and remittances from abroad, on the e-submitting portal.
The I-T division experienced previous month expanded the checklist of significant-price monetary transactions, which would be available to taxpayers in their Kind 26AS by which includes aspects of mutual fund (MF) buys, international remittances, as nicely as details in ITRs of other taxpayers.
Kind 26AS is an once-a-year consolidated tax statement that can be accessed from the income-tax web-site by taxpayers using their Everlasting Account Selection (PAN).
“AIS offers simplicity of entry! It can be accessed now on the e-submitting portal & downloaded simply in downloadable formats of PDF, CSV & JSON (device-readable format). Click on backlink ‘AIS’ below ‘Services’ tab on http://incometax.gov.in,” the I-T division tweeted.
AIS enables a taxpayer to see and confirm taxpayer details available with taxmen, provide comments in case of discrepancies, view/update the Taxpayer Information and facts Summary (TIS) applied for pre-filling of ITR.
The Funds for 2020-21 experienced introduced the revised Kind 26AS, offering a more thorough profile of the taxpayer, likely further than just the aspects of tax gathered and deducted at source.
Extra details approved features international remittance made by any individual through an authorised supplier, the separation of the salary with deductions claimed by the personnel, details in ITR of other taxpayers, fascination on income tax refund, details printed in the statement of monetary transactions.
Also, off-marketplace transactions reported by depository/ registrar and transfer agent, details about dividend of mutual fund reported by RTA, and details about the invest in of mutual fund reported by RTA much too would be integrated in Kind 26AS.
The Funds 2020-21 experienced launched a new Part 285BB in the Cash flow Tax Act, to revamp Kind 26AS to an ‘Annual Information and facts Statement’ which apart from the TDS/ TCS aspects, would include thorough details relating to specified monetary transactions, payment of taxes, demand/ refund and pending/completed proceedings undertaken by a taxpayer in a specific monetary 12 months that has to be mentioned in the income tax returns.
Adhering to that, in May previous 12 months, the I-T division experienced notified the revised Kind 26AS, which includes details on significant-price monetary transactions undertaken during a monetary 12 months, a go which also facilitated voluntary compliance and simplicity of e-submitting of I-T returns.
With this previous month’s I-T division purchase, the checklist of aspects to be available in Kind 26AS has been expanded additional.
AMRG & Associates Director (Corporate & International Tax) Om Rajpurohit reported even nevertheless the AIS facility offers comprehensive details on salaries, stocks, mutual resources, dividends, fascination, and other monetary items but presently it does not incorporate details on income from futures and possibilities.
“In addition, there are anomalies reflecting in money gain computations that need to be remedied prima facie.
Thus, for the time currently being, the issue of how helpful/complicated it is for a layman remains unresolved and will be resolved in the around long run, given that it necessitates a thorough assessment and reconciliation of details in scenarios when a individual has various resources of income,” Rajpurohit additional.
(Only the headline and picture of this report may well have been reworked by the Company Typical personnel the rest of the information is auto-created from a syndicated feed.)
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