Annual Information Statement (AIS) – Income by long-term capital gain (LTCG) from units by an offshore fund u/s 115AB(1)(b) With its recent roll-out, the Annual Information Statement is currently the latest talk of the town. Due to its comprehensive coverage, it has started creating havoc amongst the taxpayers. Broadly speaking, the Annual Information Statement is […]
Annual Information Statement (AIS)- Income and long-term capital gain (LTCG) from foreign currency bonds or shares of Indian companies under section 115AC Rule 31AB covering the provisions relating to Form 26AS was omitted vide the Income Tax (Eleventh Amendment) Rules, 2020. Correspondingly, rule 114-I was inserted in the Income Tax Rules. According to new rule […]
Annual Information Statement (AIS)– Income in respect of units of non-resident u/s 115A(1)(a)(iiab) Recently, the Income Tax Department rolled out the Annual Information Statement on its compliance portal. It is a tool that provides a comprehensive view of all the financial transactions undertaken by the taxpayer in a respective financial year. Annual Information Statement sums […]
Annual Information Statement – Interest on bonds & government securities (AIS) The income tax department has newly introduced Annual Information Statement (AIS). AIS is likely to replace existing Form 26AS once the same is fully validated and operational. Accordingly, all the taxpayer is now required to grab more and more information about various information categories […]
Annual Information Statement (AIS) – Interest from infrastructure debt fund under section 115A(1)(a)(iia) On 1st November 2021, the Income Tax Department launched a comprehensive statement named ‘Annual Information Statement’. Once fully validated and operational, Annual Information Statement (AIS) will replace the existing Form 26AS. Along with AIS, the Income Tax Department also launched a summarized […]
Annual Information Statement (AIS) – Interest from specified company by a non-resident u/s 115A(1)(a)(iiaa) Section 285BB of the Income Tax Act, 1961 read with rule 114-I of the Income Tax Rules covers the provisions relating to ‘Annual Information Statement’. An annual Information Statement is a comprehensive statement that contains various detailed information. One such information […]
Annual Information Statement (AIS) is a comprehensive statement covering details of all the Financial Transactions undertaken by the taxpayer. Principally, it is a tool that details the taxpayers about the information what the income tax department possess about them. Notably, till now, Form 26AS has served as a consolidated annual tax statement. Form 26AS contained […]
Annual Information Statement (AIS)– Winning from lottery or crossword puzzle under section 115BB With the aim of bringing more transparency and offering detailed information to the taxpayer, the Income Tax Department has recently launched ‘Annual Information Statement’ (AIS). Along with the Annual Information Statement, a simplified ‘Taxpayer Information Summary’ (TIS) was also launched. Notably, information […]
Annual Information Statement (AIS) information category ‘Winning from horse race under Section 115BB’ Annual Information Statement, shortly known as AIS, is a statement of all-inclusive information for an income taxpayer displayed in Form 26AS. Under each section of AIS, reported value and updated value (that is value after considering the feedback of taxpayer) will be […]
Recently, the Income Tax Department has rolled out the new Annual Information Statement (AIS) along with Taxpayer Information Summary (TIS) on the compliance portal. It is important to note here that Form 26AS on the TRACES portal will simultaneously be made available till the time the new AIS is validated and gets completely operational. In […]
