AIS: Income Tax department App to check high value transactions and TDS
AIS App :The Income Tax Department has launched a Mobile app for Taxpayers to view Annual Information Statements (AIS). AIS App is a free mobile application, launched by the Income Tax Department, Government of India.
The AIS is a detailed statement that lists all of your financial transactions that were reported to the IT department by various entities (mainly financial institutions) throughout the financial year. The app is meant to provide a comprehensive view of the Annual Information Statement (AIS), which is a collection of various information pertaining to a taxpayer. Taxpayers can provide feedback on the information displayed in AIS.
Read Also: Annual Information Statement (AIS) in Income Tax- What new changed in Form 26AS?
The taxpayers need to download the app, enter their PAN, date of birth or incorporation date and verify their email and mobile as per their profile with OTP and set 4 digit PIN. The taxpayers can track their taxes and TDS with just a click. The AIS information is also accessible through the AIS web portal. There is consistency between the data displayed on the mobile app and the web portal.
Importance of AIS for Taxpayers
All financial activities are displayed in AIS, including salary income, dividend income, interest income from savings and fixed deposits, sale and purchase of stocks, and so on. It would be easy for a taxpayer to report the correct information in their income tax return with the support of all of this financial information. The taxpayer can avoid a discrepancy between the data reported on the income tax return and the real financial transaction.
If you earned Rs 50 as a dividend from stock shares, the AIS will reflect this financial transaction as well. Similarly, the AIS will reflect all TDS and TCS deposited against your PAN during the financial year.
With the help of AIS, you may double-check all of your financial transactions before reporting them to the income tax authorities. This will make it easier for you to double-check and report all of the required information on your tax return. Dividends received in FY 2020-21, for example, are taxable in your hands. As a result, even if the sum is as low as Rs 50, you must disclose it in your ITR and pay tax on it. If you forget to report this Rs 50, the AIS will help you recall.
What is TIS?
In addition to AIS, the income tax dept also introduced the Taxpayer Information Summary (TIS). This is a concise summary of the information from the AIS.
TIS shows the processed value (i.e. the value generated after deduplication of information based on pre-defined rules) and derived value (i.e. the value derived after considering the taxpayer feedback and processed value). 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).
Disclaimer:The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.
For Collaborating with us-
- Mail us at email@example.com
- Whatsapp us at +91-7024984925
Your Tax Guide. Removing the hindrances people are facing related to the Lack of information. Click here to Join Tax Updates Whatsapp Group firstname.lastname@example.org