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 : The issue highlights how mismatches between AIS/26AS and ITR disclosures can invite scrutiny. Key takeaway: reconcile and justify ...
Income Tax : AIS provides taxpayers with consolidated financial and tax information for accurate return filing. It includes TDS, SFT, GST data,...
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 : 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...
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 […]
The Income Tax Department had rolled out a new Annual Information System (AIS), a comprehensive statement containing details of all the financial transactions undertaken during a financial year and are at present available with the Income Tax Department, even broader than Form 26AS. At present, Form 26AS is detailed by the Tax Department, which is […]
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 […]
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 […]
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 […]
