IT dept rolls out new annual info statement | Income Tax Department released new annual information statement, taxpayers can give their feedback


IT dept rolls out new annual info statement

New Delhi. The Income Tax Department has released a new Annual Information Statement (AIS) on its portal. It provides an option to respond with comprehensive information of the taxpayer. The new AIS includes additional information related to interest, dividends, securities transactions, mutual fund transactions and remittances abroad. According to the ministry, until the new AIS is fully operational, Form 26AS will be available on the TRSCES portal.

The new AIS also provides a simplified Taxpayer Information Summary (TIS). It simplifies things in filing returns. If the taxpayer submits the response on AIS, the information in TIS will be automatically updated in real time and will be used for filing the return. It will be implemented in a phased manner.

The Central Board of Direct Taxes (CBDT) said taxpayers are requested to refer to the information displayed in the Annual Information Statement (AIS) and respond if the information needs to be amended.

In case ITR has already been filed and some information could not be included in ITR then in this case the return can be modified based on correct information shown in TIS.

Shailesh Kumar, Partner, Nangia & Co. LLP said that as compared to Form 26AS, AIS is a more comprehensive single reference document for taxpayers, which can also be amended by the income tax payers. It provides a complete and detailed information about interest, dividend, securities/mutual funds transactions etc.

The existing Form 26AS will gradually be completely replaced with this new facility, an official statement said. In addition to AIS, a simplified Taxpayer Information Summary has also been introduced, which will further ease the return filing process for the taxpayers.

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