Wondering what Annual Information Statement is ?
Well, the Income Tax Department has rolled out a new Annual Information Statement on the Compliance portal recently.
What does Annual Information Statement contains ?
The all-new Annual Information Statement will contain additional informations relating to Interest, dividends, Shares and securities transactions, mutual fund-related transactions, foreign remittance information etc.
Is the Annual Information Statement same as Form 26AS ?
Not so. The Annual information statement will contain greater information than as present in Form 26AS. In form 26AS, only information related to transactions on which TDS has been deducted/collected is there whereas in Annual Information Statement, much information such as bank interests, dividends, Shares and mutual fund transactions etc. will be there.
Is it necessary to consider Annual Information Statement before filing the Income Tax return for the F.Yr. 2020-21 ?
Yes. As per latest press release of the Income Tax department dtd. 01-11-2021, it has been advised that the Annual Statement Summary as available in the compliance portal of income tax department should be taken into consideration before filing the Income Tax return so that no information/ income is missed from reporting in the Income tax return.
This is advisable as later notice u/s 143(1)(a) will be received if there is mismatch in reporting of true and correct income.
How can the Annual Information Statement (AIS) be viewed ?
The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in)
The Form 26AS will continue till the AIS system is stabilised.
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