The Income Tax Department has launched the new Annual Information Statement (AIS) on the Compliance Portal, which provides a taxpayer with a full view of information as well as the option to provide feedback online. The Department is widening the list of high-value transactions covered by Form 26AS with the launch of AIS. Notably, until the new AIS is validated and fully operational, the availability of Form 26AS on the TRACES portal will continue in parallel.
The new AIS now includes a simplified taxpayer information summary (TIS), which displays the taxpayer’s aggregated value for simplicity of filing returns. It includes information on interest, dividends, securities transactions, mutual fund transactions, and foreign remittances, among other things. Duplicate information has been removed from the information reported. The I-T Department has stated that “there may be further transactions relating to the taxpayer that are not now reflected in the AIS.”
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10 Key things taxpayers must know about New Form 26AS
- A facility has been provided for taxpayers to submit online feedback, if taxpayer believe the information is incorrect, connected to another person/year, duplication, etc.
- Feedback can also be provided in bulk by submitting multiple sources of evidence or information.
- Taxpayers can also use an AIS Utility to view AIS and upload feedback in an offline mode.
- In the AIS, the reported value and the value after feedback will be displayed separately.
- If the information is changed or denied, the source of the information may be contacted for confirmation.
- For each taxpayer, a simplified Taxpayer Information Summary (TIS) has been prepared, which presents the taxpayer’s aggregated value for ease of return filing.
- TIS displays the processed value (i.e., the value obtained after information is removing duplicated using pre-defined criteria) as well as the derived value (i.e. the value derived after considering the taxpayer feedback and processed value).
- The resulting information in TIS will be automatically updated in real time if the taxpayer offers comments on AIS.
- The calculated data in TIS will be used to pre-fill the Return Form (pre-filling will be enabled in a phased manner).
- Taxpayers should double-check all related information and fill out the Income Tax Return completely and accurately.
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What Happens If Your Income Tax Returns Have Already Been Filed?
If the ITR has already been submitted and some information is left to be disclosed, the return may be revised to include the missing information.
What if difference between Form 26AS and AIS?
If there is a discrepancy between the TDS/TCS information or tax payment details displayed in Form26AS on the TRACES portal and the TDS/TCS information or tax payment details displayed in AIS on the Compliance Portal, the taxpayer may rely on the information displayed on the TRACES portal for ITR filing and other tax compliance purposes.
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