Income Tax : The Income Tax Department has clarified the purpose, contents, and access to the Annual Information Statement (AIS) and Taxpayer I...
Income Tax : The Annual Information Statement (AIS) under Section 285BB consolidates a taxpayer's financial and tax-related information, includ...
Income Tax : The Income-tax Department is increasingly relying on AI-based verification and automated reconciliation systems to detect discrepa...
Income Tax : The framework requires taxpayers to withdraw all pending appeals and proceedings. It establishes that dispute resolution is condit...
Income Tax : The article explains how AIS-based data matching is triggering tax notices despite Form 26AS matching. The key takeaway is that AI...
Income Tax : CBDT's electronic campaign helps taxpayers fix mismatches in income and transactions for FY 2023-24 and 2021-22. Revised ITRs can ...
Income Tax : ICAI addresses issues with Form 26AS/TIS/AIS and ITR filing glitches, urging CBDT for timely resolution to aid taxpayers in meetin...
Income Tax : CBDT, has introduced a new feature in Annual Information Statement (AIS) accessible via compliance portal on Income Tax Department...
Income Tax : Directorate of Income Tax (Systems) Annual Information Statement (AIS) Handbook Version 2.0 (March 2022) Document Version Control ...
Income Tax : This article answer FAQs on Annual Information Statement (AIS), Taxpayer Information Summary (TIS), Accessing AIS on Portal, Viewi...
Income Tax : ITAT Amritsar held that reassessment proceedings were invalid because the reopening was based on factually incorrect AIR informati...
Income Tax : The Tribunal held that advances received under an uncompleted sale agreement are not taxable. Income arises only when transfer or ...
Service Tax : CESTAT Allahabad quashes Service Tax demand against a contractor, ruling that reliance solely on unverified ITR and Form 26AS data...
Directorate of Income Tax (Systems) Annual Information Statement (AIS) Handbook Version 2.0 (March 2022) Document Version Control Version Month Remarks 1.0 October 2021 First version 2.0 March 2022 Second version – included details of GST Turnover, GST purchases , TDS-194Q (under Business receipts) and Income of specified senior citizens. 1. About this Document The objective […]
Annual Information System is Government New Experience introduction replacing in future Form 26 AS. Form 26 AS is Xray of Tax payers and ASI can be called MRI of Tax Payers. Many Pros and Cons are regularly being reported by the Tax Payers So Government of India in a Press Release declared that the AIS […]
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 […]
