The new ‘Annual Information Statement’ shows/ reflects the complete picture of the financial details, of the taxpayer, which are available with the income tax department from different sources. ‘Annual Information Statement’ covers wider details as compared to Form 26AS. Notably, once the ‘Annual Information Statement’ is completely operational and validated, the same will replace the […]
‘Annual Information Statement’ is a comprehensive statement covering details of all the financial transactions undertaken by the taxpayer in a particular Financial Year. On the other hand, ‘Taxpayers Information Summary’ is a simplified/ summarized statement covering all the details as briefed under ‘Annual Information Statement’. Due to the new introduction, it is necessary to understand […]
Owing to the new introduction, it is important to understand each and every information category of the ‘Annual Information Statement’. The present article highlights the information category ‘purchase of securities and units of mutual funds’ as covered under ‘Annual Information Statement’. Information source for the information category ‘Purchase of securities and units of mutual funds’ […]
‘Annual Information Statement’ and ‘Taxpayers Information Summary’ are the two new statements, recently, introduced by the Income Tax Department. ‘Annual Information Statement’ is a detailed statement covering all the particulars of the financial transactions carried out by the taxpayer in a Financial Year. Whereas, ‘Taxpayers Information Summary’ is a summarized statement covering a summary of […]
‘Annual Information Statement’ relies on the modern technology tools to collect PAN based financial data/ details from various sources. On the basis of the ‘Annual Information Statement’, the taxpayer can easily estimate their income and taxes thereon. It also supports the taxpayer in complying with their tax filing obligations. The current article briefs one of […]
In simple terms, the ‘Annual Information Statement’ is a comprehensive statement covering details of all the financial transactions undertaken by the taxpayer in the Financial Year. Whereas, ‘Taxpayers Information Summary’ is a summarized form of the said financial details. In the present article, we will look at one of the information categories covered under ‘Annual […]
The present article covers the information category ‘Receipt of foreign remittance’ covered under the ‘Annual Information Statement’. Information source for information category ‘Receipt of foreign remittance’ under ‘Annual Information Statement’- As per provisions of rule 37BB, the authorized dealer is required to furnish information relating to foreign remittances made by remitter PAN in Form 15CC. […]
The new income tax e-filing portal has successfully gained all sorts of publicity due to the continuous glitches being faced by the common man as well as the professionals. Recently, everyone would be aware that there was a lot of hue and cry carried out by the professionals to extend the due date for filing […]
‘Annual Information Statement’ for every taxpayer is prepared based on the information collected from various sources. For the information category ‘Outward foreign remittance/ purchase of foreign currency’, ‘Annual Information Statement’ will majorly collect information from Form 15CC. The said information category is briefly explained in the present article. Various information sources for the information category […]
The income tax department has recently rolled out a new ‘Annual Information Statement’ on the income tax portal. The statement provides a comprehensive view of the information to the taxpayer on their financial transactions. Notably, ‘Annual Information Statement’ is a much detailed statement that includes details like mutual fund transactions, interests, shares etc. The current […]
