The Earnings Tax (IT) division right now stated taxpayers can now entry the brand new Annual Data Assertion (AIS), which incorporates extra classes of data like curiosity, dividends, securities and MF transactions, and remittances from overseas, on the e-filing portal.
The I-T division had final month expanded the checklist of high-value monetary transactions, which might be accessible to taxpayers of their Kind 26AS by together with particulars of mutual fund (MF) purchases, overseas remittances, in addition to info in ITRs of different taxpayers.
Kind 26AS is an annual consolidated tax assertion that may be accessed from the income-tax web site by taxpayers utilizing their Everlasting Account Quantity (PAN).
“AIS gives ease of entry! It may be accessed now on the e-filing portal & downloaded simply in downloadable codecs of PDF, CSV & JSON (machine-readable format). Click on on hyperlink ‘AIS’ underneath ‘Companies’ tab on http://incometax.gov.in,” the I-T division tweeted.
AIS permits a taxpayer to see and confirm taxpayer information accessible with taxmen, present suggestions in case of discrepancies, view/replace the Taxpayer Data Abstract (TIS) used for pre-filling of ITR.
The Funds for 2020-21 had introduced the revised Kind 26AS, giving a extra complete profile of the taxpayer, going past simply the small print of tax collected and deducted at supply.
Further info prescribed consists of overseas remittance made by any individual by means of an authorised seller, the breakup of the wage with deductions claimed by the worker, info in ITR of different taxpayers, curiosity on earnings tax refund, info revealed within the assertion of economic transactions.
Additionally, off-market transactions reported by depository/ registrar and switch agent, details about dividend of mutual fund reported by RTA, and details about the acquisition of mutual fund reported by RTA too could be included in Kind 26AS.
The Funds 2020-21 had launched a brand new Part 285BB within the Earnings Tax Act, to revamp Kind 26AS to an ‘Annual Data Assertion’ which other than the TDS/ TCS particulars, would comprise complete info referring to specified monetary transactions, cost of taxes, demand/ refund and pending/accomplished proceedings undertaken by a taxpayer in a selected monetary yr that needs to be talked about within the earnings tax returns.
Following that, in Might final yr, the I-T division had notified the revised Kind 26AS, together with info on high-value monetary transactions undertaken throughout a monetary yr, a transfer which additionally facilitated voluntary compliance and ease of e-filing of I-T returns.
With this final month’s I-T division order, the checklist of particulars to be accessible in Kind 26AS has been expanded additional.
AMRG & Associates Director (Company & Worldwide Tax) Om Rajpurohit stated though the AIS facility gives intensive info on salaries, shares, mutual funds, dividends, curiosity, and different monetary objects however presently it doesn’t embody info on earnings from futures and choices.
“As well as, there are anomalies reflecting in capital acquire computations that have to be remedied prima facie. Thus, in the intervening time, the query of how useful/complicated it’s for a layman stays unresolved and can be addressed within the close to future, because it requires a complete evaluation and reconciliation of data in instances when an individual has quite a few sources of earnings,” Rajpurohit stated.
Supply: Live Mint