The income tax IT department secures the latest Annual Information Statement (AIS) on the compliance portal that furnishes a complete object of the details to the assessee with the facility to take online feedback. AIS is much more described in detail with respect to the previous Form 26AS that consists of effective details towards the financial transactions of the assessees beyond the TDS as well as TCS transactions.
- The new form e new Annual Information Statement(AIS) is now available on the Income-tax e-filing portal web 2.0. The taxpayers can easily download it in different formats such as PDF, CSV & JSON. You can click on link ‘AIS’ under ‘Service Tax’ on the portal
“The derived information in TIS will be used for pre-filing of Return (pre-filling will be enabled in a phased manner), the department stated.”
The value displayed inside the TIS might be acknowledged during the furnishing of the income tax return. Towards the scenario, the income tax return furnishes formally along with some details that are not mentioned in the Income-tax return the return might be amended to show the true details it specified.
The latest AIS can be available via tapping the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in. The Form 26AS upon the traces portal shall indeed carry on the latest AIS is verified and is fully operational by the income tax council inside the statement specified. The latest AIS consists of extra data describing the interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, and much more.
The disclosed details are processed to eliminate the identical details and the assessee shall be enabled to download the AIS (Annual Information Statement) details inside the PDF, JSON, CSV formats. If the assessee seems that the details are not true which concerns the new people or year, identical and much more a facility is being furnished to submit the online feedback. Some days before, the government has updated the JSON utility for E-filing ITR forms along with the MAC utility.
Towards every assessee, a rectified TIS gets created that displays the average value towards the assessee for the simplicity of furnishing the return. TIS mentioned that the processed value is the value created post to the deduplication of the data upon the grounds of the pre-defined rules and originated value known as the value originated post to acknowledge the assessee’s feedback and processed value. When the feedback gets furnished on AIS through the assessee then the created details inside the TIS shall be automatically modernized in real-time.
Towards the concern, if there is a variation amid the TDS or TCS details or the information of the assessee furnished which is shown inside the Form 26AS on TRACES portal along with the TDS or TCS details or the information concerning to the tax payment which is shown in AIS upon the compliance portal the assessee might lay on the details shown upon the TRACES portal towards the concern of Income-tax return filing and towards the purpose of the additional tax compliance.