The Income Tax Department last month expanded the list of high value financial transactions that would be available to taxpayers in their Form 26AS. This will include information such as mutual fund (MF) purchases, remittances from abroad.
The Income Tax Department on Sunday said that taxpayers can now access the new Annual Information Statement (AIS) on the e-filing portal for electronic return filing. This includes additional categories of information such as interest, dividends, securities and mutual fund transactions and remittances from abroad.
The Income Tax Department last month expanded the list of high-value financial transactions that would be available to taxpayers in their Form 26AS. This will include information such as mutual fund (MF) purchases, remittances from abroad.
Form 26AS is an annual consolidated tax statement that taxpayers can access from the Income Tax website using their Permanent Account Number (PAN).
The Income Tax Department tweeted, “AIS gives ease of access (to information). It can now be accessed on the e-filing portal and downloaded in PDF, CSV and JSON (machine-readable format).
Taxpayers will also be able to give feedback, CBDT has started new system
It is worth noting that now taxpayers will also be able to give feedback to income tax. Recently, the Income Tax Department 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.
