Income Tax : Let’s compare and contrast the Annual Information Statement (AIS), Taxpayer Information Summary (TIS), and Form 26AS with th...
Income Tax : Delve into AIS, TIS, and Form 26AS to discern if they aid or perplex the taxpayer. Learn about their contents, differences, and th...
Goods and Services Tax : Discover the crucial tax compliances taxpayers must remember before 31st March 2024, covering income tax and GST perspectives, ens...
Income Tax : Discover the parallels between Diwali fireworks and tax provisions as fictional characters Arjuna and Krishna explore the complexi...
Income Tax : Explore Form 26A for TDS relief. Learn about legal provisions, benefits, and procedures for non-deduction or short deduction cases...
Income Tax : Directorate of Income Tax (Systems) has released Handbook on Annual Information Statement (AIS). This will explain How the new For...
Goods and Services Tax : There is a great necessity of Integration of Income E-filing Portal with GST portal. The step taken by Central Government with res...
Income Tax : The Form 26AS displays the various taxes deducted/paid on individual’s income from/through various sources. It includes deta...
Income Tax : Improved Form 26AS will contain details of taxpayers’ high valued transactions Filing income tax returns could get even more eas...
Income Tax : Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Pro...
Income Tax : In Ajit Chandrashekar Dighe Vs DCIT (ITAT Mumbai), learn about the importance of substantiating Form 26AS or Form 16 for claiming ...
Income Tax : Detailed analysis of Mahendra N. Patel Vs DCIT case where ITAT Ahmedabad nullifies penalty due to absence of misreporting or under...
Income Tax : In Coronation Cigar Co. Vs DCIT (ITAT Mumbai), payments towards PF and ESI made before the due date of filing Income Tax Return ar...
Income Tax : ITAT Kolkata scrutinized the provisions of section 56(2)(x) of the Income Tax Act, 1961, and observed that the AO had not consider...
Income Tax : In the case of Dassault Systems Simulia Corp Vs DCIT, ITAT Chennai rules that Section 155(14) cannot limit TDS credit if income is...
Income Tax : ADVISORY NO.: 45 Dated:- 14.07.2022 0/o PCDA(0) Pune, Public Relation office (PRO) Subject: Income Tax Demand Notice under section...
Income Tax : CBDT authorizes Director General of Income-tax (Systems) to upload information relating to Foreign remittance information reported...
Service Tax : Representations have been received from various trade bodies and associations regarding instances of indiscriminate issuance of de...
Income Tax : Director-General of Income-tax (Systems) to upload information relating to GST return, which is in his possession, in the Annual I...
Income Tax : The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From thi...
‘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 […]
‘Annual Information Statement’ for every taxpayer is prepared based on the information collected from various sources. For the information category ‘Outward foreign remittance/ purchase of foreign currency’, ‘Annual Information Statement’ will majorly collect information from Form 15CC. The said information category is briefly explained in the present article. Various information sources for the information category […]
With a view to widen up the tax base and boost up the tax collection, over the last few years, the Government is continuously expanding the scope of the information collected by revenue authorities from various different sources vis-à-vis the income being earned by the taxpayers. Taking a step ahead towards the above pointed goal, […]
Various expenditure is claimed and treated as ‘Business expenses’. However, at present, the information category ‘Business expenses’ as covered under ‘Annual Information Statement’ takes into consideration information from the following sources-
The new ‘Annual Information Statement’ is now made available to the taxpayer on the Income Tax portal for the Financial Year 2020-2021. The taxpayer engaged in carrying on business or profession needs to thoroughly understand the information category ‘Business receipts’ covered under ‘Annual Information Statement’. The present article explains one of the important information categories […]
‘Annual Information Statement’ enables the taxpayer to view and verify the information available with the Income Tax Department; in case of discrepancies, provide feedback and also view as well as update the ‘Taxpayer Information Summary’ which is used for pre-filing the Income Tax Return. “Off market credit transactions’ is one of the information categories covered […]
As we know, income tax return (ITR) for the Financial Year 2020-2021 (i.e., Assessment Year 2021-2022) is to be filed by 31st December 2021. Prior to the filing of income tax returns, importantly, the taxpayer is required to educate themselves about the newly introduced ‘Annual Information Statement’. ‘Annual Information Statement’ covers all the financial information […]
‘Sale of Securities and units of mutual fund’ is one of the information categories covered under ‘Annual Information Statement’ (AIS). Said information category is briefly explained in the current article.
Recently, the income tax department has rolled out two new statements, namely, ‘Annual Information Statement’ and ‘Taxpayers Information Summary’. ‘Annual Information Statement’ provides a comprehensive view, whereas, ‘Taxpayers Information Summary’ provides the summarized view of all the financial transaction of the taxpayer. ‘Annual Information Statement’ collects information about the financial transaction of the taxpayer from […]
The ‘Annual Information Statement’ covers comprehensive details of the taxpayer’s financial transactions like details of property; shares; mutual funds etc. Once the Annual Information Statement is fully operational and validated, the same will replace Form 26AS, by that time, the taxpayers will be provided with both ‘Form 26AS’ and ‘Annual Information Statement’. The present article […]
![CBDT notifies new Form 26AS [Annual Information Statement]](https://taxguru.in/wp-content/uploads/2020/05/Form-26AS-New.jpg)
