Taxpayers can get new Annual IT Information Statement on e-filing
The IT department last month expanded the list of high-value financial transactions that would be available to taxpayers in their Form 26AS, including mutual fund (MF) purchases, foreign remittances, as well as information in ITRs of other taxpayers.
Form 26AS is an annual consolidated tax statement that taxpayers can access from the Income Tax website using their Permanent Account Number (PAN).
“AIS provides ease of access! It can now be accessed on the e-filing portal and can be easily downloaded in downloadable formats of PDF, CSV and JSON (Machine-readable format). At http’ Click on ‘AIS’ link under ‘Services’ tab. ://incometax.gov.in,” the IT department tweeted.
AIS enables a taxpayer to view and verify the taxpayer information available with the taxpayers, provide feedback in case of discrepancies, view/update the Taxpayer Information Summary (TIS) used for pre-filling of ITR .
The Budget for 2020-21 had announced revised Form 26AS, which gives a more comprehensive profile of the taxpayer, going beyond mere details of tax collected and deducted at source.
The prescribed additional information includes foreign remittance made by any person through an authorized dealer, details of salary along with deduction claimed by the employee, information in ITRs of other taxpayers, interest on income tax refund, information published in details of financial transactions Is.
In addition, information regarding off-market transactions reported by the depository/registrar and transfer agent, information regarding dividends of mutual funds reported by RTAs and purchases of mutual funds reported by RTAs are also included in Form 26AS. Will.
Budget 2020-21 had introduced a new section 285BB in the Income Tax Act, to convert Form 26AS into an ‘Annual Information Statement’ which would contain comprehensive information relating to specified financial transactions, payment of taxes, in addition to TDS/TCS details . , demand/refunds made by the taxpayer in a particular financial year and pending/completed action to be mentioned in the Income Tax Return.
Thereafter, in May last year, the IT department had notified revised Form 26AS, which included information on high-value financial transactions carried out during a financial year, a move that led to voluntary compliance and e-filing of IT returns. Facilitates ease of filing.
With the order of the IT department of last month, the list of details to be available in Form 26AS has been further expanded.
Om Rajpurohit, Director (Corporate and International Tax), AMRG & Associates said that even though the AIS facility provides comprehensive information on salaries, stocks, mutual funds, dividends, interest and other financial commodities, it currently includes income from futures and options. information is not included. ,
“Besides, there are discrepancies in the computation of capital gains which should be prima facie to be removed.
Thus, for the time being, the question of how helpful/complicated it is for a layman is unresolved and will be resolved in the near future, as it requires extensive analysis and reconciliation of information in cases when A person has many sources of income. ,” said Rajpurohit.
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