In a bid to provide a comprehensive view of information to the tax payer, the Income Tax (IT) Department has rolled out new Annual Information Statement (AIS) on its compliance Portal. A lot of facilities have been added, including the one to capture feedback in online mode.
“The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational,” the Income Tax department said in a release.
The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions and foreign remittance information. The reported information has been processed to remove duplicate information. Taxpayer will be able to download AIS information in PDF, JSON, CSV formats.
“If the taxpayer feels that the information is incorrect, relates to other person/year, duplicate, a facility has been provided to submit online feedback. Feedback can also be furnished by submitting multiple information in bulk. An AIS Utility has also been provided for taxpayers to view AIS and upload feedback in offline manner,” a PIB release read.
The reported value and value after feedback will be shown separately in the AIS. In case the information is modified/denied, the information source may be contacted for confirmation.
New AIS includes additional information relating to interest, dividend, securities & mutual fund transactions, foreign remittance etc. The reported information has been processed to remove duplicate information. Taxpayer may submit online feedback if info found to be incorrect.— Income Tax India (@IncomeTaxIndia) November 1, 2021
A simplified Taxpayer Information Summary (TIS) has also been generated for each taxpayer that shows aggregated value for the taxpayer for ease of filing return. If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real time. The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner), the release added.