Income Tax - A summary guide on AIS (Annual Information Statement). Must read before filing any ITR Annual Information Statement (AIS) Q.1 What is AIS? It’s a detailed statement containing your financial details / transactions. Q.2 Is it same as 26AS? No, it’s not same. 26AS is a summary of some of the financial details / transactions. But [&helli...
Read MoreIncome Tax - Annual Information Statement (AIS) is a comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayer Information Summary (TIS) is an information category wise information summary for a taxpayer....
Read MoreIncome Tax - There is a great need and importance of thorough checking of Form 26AS before filing Income Tax Return, as it is an Annual tax statement which provide the details of tax paid, tax deducted or collected at source as the case may be of the respected assesse. Assesse has to mandatorily disclose the corresponding income […]...
Read MoreIncome Tax - Q.1 What is form 26AS? Ans. It is a consolidated Annual Information Statement for a particular Financial Year (FY). It contains the details of the following: –Tax Deducted at Source (TDS) –Tax Collected at Source (TCS) -Advance Tax / Self-Assessment Tax / Regular Assessment Tax deposited -Refund received during a financial yea...
Read MoreIncome Tax - 1. The Income Tax Department has launched its new e-filing portal https://www.incometax.gov.in On 7th June 2021. 2. The new e-filing portal has a simplified feature to download Form 26 AS. 3. FORM 26AS: Form 26 AS is the most important document required before filing Income Tax Return (ITR). This Form is also known as the […]...
Read MoreIncome Tax - Directorate of Income Tax (Systems) has released Handbook on Annual Information Statement (AIS). This will explain How the new Form 26AS (Annual Information Statement or AIS) will provide a complete profile of the taxpayer for a particular year. Part A of the new Form 26A will contain Permanent Account Number, Aadhaar Number, Name, Date...
Read MoreIncome Tax - There is a great necessity of Integration of Income E-filing Portal with GST portal. The step taken by Central Government with respect to linking and integrating E-filing portal with GST portal is one of the most welcoming step towards the growth of tax revenue of Central Government which will ultimately lead to growth of economy, [&helli...
Read MoreIncome Tax - The Form 26AS displays the various taxes deducted/paid on individual’s income from/through various sources. It includes details of, ♦ Tax Deducted at Source (TDS) ♦ Tax Collected at Source (TCS) ♦ Advance Tax/ Self-Assessment Tax paid ♦ Regular Tax ♦ Tax Refund details for an Assessment Year, etc. Perform the following ste...
Read MoreIncome Tax - Improved Form 26AS will contain details of taxpayers’ high valued transactions Filing income tax returns could get even more easier and transparent for individual taxpayers from this assessment year. This is because the newly revamped Form 26AS—which is effective from June 1– will also contain the information on taxpayers high value...
Read MoreIncome Tax - Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;...
Read MoreShri Rajesh Chunara Vs ITO (ITAT Jaipur) - Shri Rajesh Chunara Vs ITO (ITAT Jaipur) On perusal of the AIR information, it is noted that the information talks about the assessee and another person by name of Ashok K Chanara, name of the bank which has issued the credit card, the transaction amount of Rs 3,82,079/- and date of transaction i.e,...
Read MoreDr Swati Mahesh Vinchurkar Vs DCIT (ITAT Surat) - Dr Swati Mahesh Vinchurkar Vs DCIT (ITAT Surat) No addition of amount shown in form 26 AS for taxation If assessee is not the actual beneficiary such amount In Dr Swati Mahesh Vinchurkar v. Deputy Commissioner of Income-tax, Bangalore [ IT APPEAL No. 43 (SRT) OF 2021 dated June 28, 2021], Dr Swati M...
Read MoreJaya Prakash Vs ITO (ITAT Bangalore) - Jaya Prakash Vs ITO (ITAT Bangalore) Admittedly in this case, the CIT(A) determined the sale consideration on the basis of Form 26AS without seeing the actual sale deed entered by the assessee with concerned parties. In our opinion, sale consideration cannot be determined only on the basis of Form 2...
Read MoreITO Vs Star Consortium (ITAT Kolkata) - ITAT held that the Assessing Officer cannot make additions merely by relying on information available in TDS Certificate i.e. Form 26AS on account of mismatch of amounts between Form 26AS and the turnover shown by the assessee in its P&L account....
Read MoreLal Construction Company Vs DCIT (ITAT Hyderabad) - Lal Construction Company Vs DCIT (ITAT Hyderabad) During the assessment proceedings u/s.143(3) of the of the Income Tax Act [Act], the Assessing Officer (AO) noticed that there is a difference between the total receipts offered to tax by the assessee and the receipts reflected in Form-26AS. The AO a...
Read MoreF. No. 225/155/2020/ITA-11 - (26/10/2021) - CBDT authorizes Director General of Income-tax (Systems) to upload information relating to Foreign remittance information reported in Form 15CC, Information in Annexure II of the 24Q TDS Statement of the last quarter, Information in ITR of other taxpayer, Interest on Income Tax Refund, Information i...
Read MoreNA - (26/10/2021) - Representations have been received from various trade bodies and associations regarding instances of indiscriminate issuance of demand notices by the field formations on the basis of ITR-TDS data received from Income Tax Department....
Read MoreF.No.225/155/2020/ITA.II - (29/09/2020) - Director-General of Income-tax (Systems) to upload information relating to GST return, which is in his possession, in the Annual Information Statement in Form 26AS, within three months from the end of the month in which the information is received by him....
Read MoreRelease ID: 1639593 - (18/07/2020) - The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the Statement...
Read MoreNotification No. 30/2020-Income Tax [G.S.R. 329(E)] - (28/05/2020) - Notification No. 30/2020– CBDT notifies new Form 26AS [Annual Information Statement] pursuant to Finance Act, 2020 and amendment, inserts new Rule 114-I to be effective from June 1st and omits Rule 31AB. Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act to implement revis...
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F. No. 225/155/2020/ITA-11 - 26/10/2021
NA - 26/10/2021
Shri Rajesh Chunara Vs ITO (ITAT Jaipur) -
Dr Swati Mahesh Vinchurkar Vs DCIT (ITAT Surat) -