Income Tax Department announced the roll-out of a new statement - AIS
Within a few days of announcing various amendments to Form 26AS, the Income Tax Department has rolled out the new Annual Information Statement(AIS) on the Compliance Portal. It provides a comprehensive view of information to taxpayers, with the facility to capture online feedback. It includes detailed information of a taxpayer’s foreign remittance, mutual fund and other securities transactions, apart from details of the tax collected at source (TCS) and tax deducted at source (TDS). The purpose of introducing the new AIS is to make taxpayers’ ITR return filing easier. New AIS not only contains a comprehensive outlay of the taxpayer information but also allows the taxpayer to submit feedback on the provided information What is AIS (Annual Information Statement)? AIS is a revised version and much more detailed than that of the existing Form 26AS. It will include various financial details of the taxpayers along with that of TCS and TDS. The main motive is to get a more simplified and d