The Income Tax Department has released a new annual information statement (AIS) on its portal. It provides an option to respond with comprehensive information of the taxpayer. The new AIS includes additional information related to interest securities transactions, mutual fund transactions and remittances abroad.
The Income Tax Department has released a new annual information statement (AIS) on its portal. It provides an option to respond with comprehensive information of the taxpayer. The new AIS includes additional information related to interest, dividends, securities transactions, mutual fund transactions and remittances abroad. According to the ministry, until the new AIS is fully operational, Form 26AS will be available on the TRSCS portal. The new AIS also provides a simplified Taxpayer Information Summary (TIS). It simplifies things in filing returns.
If the taxpayer responds to the AIS, the information in the TIS will automatically come up in real time and will be used for filing the return. It will be implemented in a phased manner. The Central Board of Direct Taxes (CBDT) said, “Taxpayers are requested to refer to the information displayed in the Annual Information Statement (AIS) and respond if the information needs to be amended.”
Earlier, Infosys Chief Executive Officer (CEO) Salil Parekh, who faced criticism due to technical glitches in the new portal for filing income tax returns, had said that the new portal developed by his company is continuously improving and 1.9 crore returns have been filed on it. have been done. He further said that the concerns of the taxpayers are being addressed continuously.
“We are seeing continuous improvement in the income tax system,” Parekh told reporters after announcing the company’s results for the second quarter. Till yesterday we had over 1.9 crore returns which have been filed using the new system. Today Income Tax Return Forms 1 to 7 are all working. Most of the statutory forms are available on the system.”
