Annual Information Statement (AIS) provides complete profile of tax-payer for a particular year
Mysore/Mysuru: In order to promote transparency and simplifying the tax return filing process, Income Tax Department has amended Form 26AS. The new Form 26AS is an Annual Information Statement or AIS which will provide a complete profile of the tax-payer for a particular year.
AIS includes information on Salary, Rent, Dividend, Interest from SB Account, Interest from Deposit (FD), Interest from others, Interest from Income Tax refund, Commission, Receipts from Life Insurance policy, Sale or transfer of land or building, Sale of vehicle, Mutual Fund, any Business receipts, Business expenses, Cash deposits, Cash withdrawals, Cash payments, Foreign currency transactions, Foreign travel, Credit/Debit card, Balance in FD account, etc.
Tax-payer will be able to view AIS information and submit various types of response such as: i) Information is correct, ii) Information is not fully correct, iii) Information relates to other PAN/FY, iv) Information is duplicate, v) Information is denied. The tax-payer can download the AIS & TIS by logging into Income Tax website https://www.incometax.gov.in and visiting the SERVICES tab to select the link Annual Information Statement.
It is suggested that every person whether Income Tax payable or not but has income from various sources, shall look into the AIS and Taxpayer Information Summary (TIS) and file the relevant Income Tax return before the due date. Else there is every chance of receiving the intimation or Income Tax demand from Income Tax Department.
For detailed information and procedures reference may be made to the provisions of the Income-Tax Act, 1961, the Income-Tax Rules, 1962, relevant circulars and/or notifications, according to N.D. Shreenivaas of Bhavani Associates, Mysuru.