The Income Tax department grabs various information/ details about the income received and material transactions undertaken by the individual in the respective Financial Year from various sources. A compiled and comprehensive version of the same is now available in the form of an ‘Annual Information Statement’. ‘Annual Information Statement’ covers information in 50 different categories. […]
Merging information from different sources like TDS; SFT; etc., the Government has recently developed a new comprehensive statement known as ‘Annual Information Statement’. Along with the ‘Annual Information Statement’, a summarized view of the information is made available to the taxpayer in a statement known as ‘Taxpayers Information Summary’. The present article deals with one […]
With a view to widen up the tax base and boost up the tax collection, over the last few years, the Government is continuously expanding the scope of the information collected by revenue authorities from various different sources vis-à-vis the income being earned by the taxpayers. Taking a step ahead towards the above pointed goal, […]
The Income Tax Department has recently come up with the new ‘Annual Information Statement’. By providing a comprehensive view of all the financial transactions of the taxpayer, ‘Annual Information Statement’ aims to make the income tax return filing quite easy. Out of various information categories covered under ‘Annual Information Statement’, in the present article, we […]
Various expenditure is claimed and treated as ‘Business expenses’. However, at present, the information category ‘Business expenses’ as covered under ‘Annual Information Statement’ takes into consideration information from the following sources-
The new ‘Annual Information Statement’ is now made available to the taxpayer on the Income Tax portal for the Financial Year 2020-2021. The taxpayer engaged in carrying on business or profession needs to thoroughly understand the information category ‘Business receipts’ covered under ‘Annual Information Statement’. The present article explains one of the important information categories […]
‘Annual Information Statement’ enables the taxpayer to view and verify the information available with the Income Tax Department; in case of discrepancies, provide feedback and also view as well as update the ‘Taxpayer Information Summary’ which is used for pre-filing the Income Tax Return. “Off market credit transactions’ is one of the information categories covered […]
As we know, income tax return (ITR) for the Financial Year 2020-2021 (i.e., Assessment Year 2021-2022) is to be filed by 31st December 2021. Prior to the filing of income tax returns, importantly, the taxpayer is required to educate themselves about the newly introduced ‘Annual Information Statement’. ‘Annual Information Statement’ covers all the financial information […]
‘Sale of Securities and units of mutual fund’ is one of the information categories covered under ‘Annual Information Statement’ (AIS). Said information category is briefly explained in the current article.
Recently, the income tax department has rolled out two new statements, namely, ‘Annual Information Statement’ and ‘Taxpayers Information Summary’. ‘Annual Information Statement’ provides a comprehensive view, whereas, ‘Taxpayers Information Summary’ provides the summarized view of all the financial transaction of the taxpayer. ‘Annual Information Statement’ collects information about the financial transaction of the taxpayer from […]
