Income Tax : Courts have held that once TDS is deducted from salary, the employee cannot be asked to pay tax again merely because the employer ...
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 : Form 26AS helps taxpayers verify TDS, taxes paid, and refunds before filing returns. Matching it with your records reduces errors ...
Income Tax : The courts confirm that once tax is deducted at source, recovery from the employee is barred by law, and the employer alone is res...
Income Tax : The Tribunal held that income is taxable in the year it accrues, not in the year TDS is deducted by the payer, rejecting addition ...
Income Tax : All Odisha Tax Advocates Association requests due date extensions for AY 2025-26 ITRs and Tax Audit Reports citing portal glitches...
Income Tax : The Tax Bar Association of Bhilwara requests an extension for the FY 2024-25 income tax return and audit report deadlines, citing ...
Income Tax : Explore Income Tax Day 2024s history, significance, and key updates from Budget 2024-25, including enhanced deductions and revised...
Goods and Services Tax : Bikaner Tax Consultants Association seeks an extension of the Income Tax Return filing deadline due to ITD portal glitches and iss...
Income Tax : ICAI addresses issues with Form 26AS/TIS/AIS and ITR filing glitches, urging CBDT for timely resolution to aid taxpayers in meetin...
Goods and Services Tax : High Court held that receipts reflected in Form 26AS cannot automatically be treated as taxable services. Tax liability must first...
Income Tax : The Tribunal held that TDS credit cannot be denied merely because it does not appear under the assessee’s PAN. It ruled that the...
Income Tax : The Tribunal held that delay in filing the return due to pending probate proceedings was beyond the control of executors. It ruled...
Income Tax : The Tribunal held that TDS credit must be granted in the year in which the related income is assessed, even if it is not reflected...
Income Tax : The issue involved restriction of TDS credit due to mismatch between Form 26AS and return. ITAT held that such adjustments require...
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...
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 […]
Annual Information Statement (AIS) – Receipts from transfer of immovable property AIS is the abbreviation form of ‘Annual Information Statement’ which is recently rolled out by the Income Tax Department. Along with ‘Annual Information Statement’, the department also came up with the ‘Taxpayers Information Summary’ i.e., TIS. Notably, if the information reflected in the ‘Annual […]
Annual Information Statement (AIS) – Payment to non-resident sportsmen or sports association under section 115BBA The new Annual Information Statement comprises 50 different information categories. The present article deals with one such information category, namely, ‘Payment to non-resident sportsmen or sports association u/s 115BBA’. Understanding relevant taxing provision covered under section 115BBA and TDS provision […]
Annual Information Statement (AIS) – Interest or dividend or other sums payable to the government With a view to promote transparency and simplify the return filing process, the income tax department, recently, amended Form 26AS. This amended Form 26AS is named as ‘Annual Information Statement’. Along with ‘Annual Information Statement’, the taxpayer will also be […]
On 1st November, 2021 Income Tax Department has rolled out the new AIS (Annual Information Statement) on Compliance Portal which provides comprehensive view of financial transaction done by taxpayer (i.e. PAN based transactions) in a Financial Year at one place. This includes information relating to Interest, Dividend, Business receipts, Cash deposits/withdrawals, Sale/ Purchase of Securities […]
The taxpayer under Income Tax would by now generally be aware of Form 26AS. But now the taxpayer needs to be aware and educate themselves about the newly introduced ‘Annual Information Statement’. Recently, the Income Tax Department came up with the Annual Information Statement. Simply putting up, the Annual Information Statement can be said to […]
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 […]
STRUCTURE OF FORM 26AS: Part A: This part contains all the details of TDS and in this there are Part A1 which contains the details of TDS for Form 15G or Form 15H, then there is Part A2 contains the details of TDS on sale of Immovable Property that is under Section 194(IA).
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 […]
