Legal Correspondent: Priyanka Sharma.
November 14, 2021: The Tax Department on Sunday, has said that the taxpayers can now access the new Annual Information Statement (AIS), that also include additional categories of information like interest, dividends, MF transactions and securities, etc. on the e-filing portal.
Last month, the list of the high- value financial transactions have been expanded by the IT department which would be available to the taxpayers in their Form 26AS that includes details of MF purchases, foreign remittances and also the information related to other taxpayer’s ITR.
Form 26AS is a type of an annual integrated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN).
The IT Department tweeted that AIS provides an ease of access that can be accessed on the e-filing portal and can also be downloaded in various machine-readable formats and has also provided the link for the same.
With the assistance of AIS, the taxpayer info available with taxmen can be seen and verified by the taxpayer, also can provide feedback just in case of any discrepancies, can view/update the Taxpayer Information Summary (TIS) that is used for pre-filling of ITR.
The revised Form 26AS has been announced in the Budget 2020-21, that gives a more comprehensive profile of the taxpayer, going beyond just the details of tax collected and deducted at source.
Prescribed additional information includes foreign remittance that has been made by any person through an authorised dealer, salary breakup with deductions claimed by the employee, other taxpayer’s ITR information, interest on income tax refund and the information published in the statement of financial transactions.
In Form 26AS, off-market transactions reported by depository/ registrar and transfer agent, information regarding MF dividends reported by RTA, and information about the purchase of MF reported by RTA too will be included.
In the Income Tax Act, a new Section 285BB has been introduced by the Budget 2020-21 to revamp Form 26AS to an ‘Annual Information Statement’ which apart from the TDS/TCS details, will also contain comprehensive information relating to payment of taxes, specified financial transactions, demand/ refund and pleading/ completed proceedings undertaken by a taxpayer in a particular financial year that has to be mentioned in the ITRs.
The IT Department had notified the revised Form 26AS, including information of high- value financial transactions undertaken during a fiscal year. It is a move which facilitates voluntary compliance and ease of e-filing of ITR.
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