A credit score is basically a numerical expression resulting from the level analysis of an individual’s credit files. It signifies the creditworthiness of the respective individual. In short, a credit score is a measure of an individual’s capability to pay back the debt. The credit score is more useful to the lenders like banks, credit […]
As intimated during the Union Budget, the income tax department has launched the ‘Annual Information Statement’ on 1st November 2021. Basically, the ‘Annual Information Statement’ is an All-in-one statement that comprehensively covers all the details of the financial transactions undertaken by the taxpayer in a particular Financial Year. The current article briefly explains one of […]
The Income Tax Department, with an aim to ease up the return filing process, recently, introduced the ‘Annual Information Statement’. Notably, the ‘Annual Information Statement’ covers more information as compared to the existing Form 26AS. ‘Annual Information Statement’ will also contain a ‘Taxpayers Information Summary’ which will reflect the aggregate value of the financial transactions […]
‘Annual Information Statement’ is a new statement recently introduced by the Income Tax Department. ‘Annual Information Statement’ is prepared on the basis of various information grabbed by the department from different returns/ sources like TDS/ TCS, SFT etc. The present article explains one of the information categories, namely, ‘Balance in account’ as covered under ‘Annual […]
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 […]
