Now, information on interest, dividend, securities transactions, mutual fund transactions, foreign remittance is just a click away for income tax payers.
The Income tax department has rolled out the new Annual Information Statement (AIS) on the compliance portal, which provides a comprehensive view of information on various transactions and income listed above to a taxpayer with a facility to capture online feedback. The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal -- https://www.incometax.gov.in.
The development came close on the heel of the department incorporating more pieces of information about taxpayers' transactions and income in Form 26AS.
The department said on Monday that the display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational.
Shailesh Kumar, partner at Nangia & Co LLP, said the press statement by the department suggests that existing Form 26AS will be gradually replaced by AIS.
He said in comparison to Form 26AS, AIS is a more comprehensive single reference document for taxpayers which can also be modified by the taxpayer if he believes the information reported is incorrect.
The department cautioned the taxpayers that AIS includes information presently available with it and there may be other transactions relating to them which are not presently displayed in the utility. "Taxpayers should check all related information and report complete and accurate information in the Income Tax Return," it said.
In case there is a variation between information on the tax deducted or collected at source or the details of tax paid as displayed in Form 26AS on TRACES portal and the ones displayed in AIS on Compliance Portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing income tax returns and for other tax compliance purposes, the department said.