Sunil Todi & Ors. Vs State of Gujarat & Anr. (Supreme Court of India) The object of the NI Act is to enhance the acceptability of cheques and inculcate faith in the efficiency of negotiable instruments for transaction of business. The purpose of the provision would become otiose if the provision is interpreted to exclude […]
Annual Information Statement (i.e., AIS) and Taxpayer Information Summary (i.e., TIS) are the two new facilities made available by the Income Tax department to the taxpayers. In the present article, we will understand the Information category ‘Interest from deposit’ under the Annual Information Statement. Different sources of information for ‘Interest from deposit’ under AIS- The […]
Annual Information Statement is a form that is now available on the income tax portal. Annual Information Statement (AIS) displays all the digital financial and tax related information/ transactions available with the income tax department. Such digital financial and tax related information is grabbed from various different sources, with regard to the taxpayers. AIS is […]
In the present article we will briefly take up the Annual Information Statement covering the Rent received category. AIS information category – Rent received- The broad categories of information covered in AIS is divided into 50 categories. One such category is ‘Rent received’. Notably, the information under the category of ‘Rent received’ will be figure-out […]
The Pradhan Mantri Kisan Samman Nidhi Scheme was launched by the Prime Minister of India on 24th February 2019. However, the Scheme takes effect from 1st December 2018. The Scheme is a Central Sector Scheme providing income support, basically, to the families of the landholding farmers in India. The Scheme is briefly explained in the […]
Recently, the Income Tax Department has rolled out the Annual Information Statement. Basically, the Annual Information Statement (AIS) is a comprehensive view of taxpayer’s information. AIS includes all the additional information like interest; securities transactions; mutual fund transactions; dividend and foreign remittance information. Notably, AIS furthermore provides a simplified Taxpayer Information Summary (TIS) which comprises […]
Vide notification dated 28th May 2020, CBDT amended Form 26AS. The amended Form 26AS is an ‘Annual Information Statement’. It will brief up the complete profile of the taxpayer for a particular Financial Year. The present article explains the AIS information category – salary. AIS information category – Salary- Information under the ‘Salary’ category will […]
The current article clears up all the basic concepts of TCS (Tax Collection at Source) like provisions of TCS; rate of TCS; payment of TCS; filing of TCS return; issuance of TCS certificate; exemptions; interest and late fees and FAQs. What is TCS? Basics of TCS- Section 206C of the Income Tax Act deals with […]
Interest is paid on the income tax refund as per provisions of section 244A of the Income Tax Act, 1961. The present article covers the reflection and processing of ‘interest from income tax refund’ in Annual Information Statement (AIS). Information source and AIS processing of ‘interest from income tax refund’- Any interest received on an […]
The newly introduced Annual Information Statement includes information that is presently available with the Income Tax Department. It is a comprehensive overview of taxpayers’ information displayed in Form 26AS. The taxpayer can access AIS by clicking the link ‘Annual Information Statement (AIS)’ under the ‘Service’ tab available on the new income tax portal (i.e., https://www.incometax.gov.in/iec/foportal). […]
