New Annual Information Statement allows you to get mistakes rectified

Make sure the information in your income-tax return and in this statement match, or you could get a tax notice

The Income Tax (I-T) Department has rolled out the new Annual Information Statement (AIS) on its compliance portal (incometax.gov.in), which provides comprehensive information to taxpayers on their financial transactions. The purpose of the new AIS is to make it easier for taxpayers to file their returns. The new AIS also comes with a facility to provide online feedback.

Moiz Rafique, managing partner, Privy Legal Services LLP, says, “The Income-Tax Department prepares and publishes an annual statement of the taxpayer’s financial transactions. The purpose of this report is to make all eligible taxpayers pay taxes systematically, thereby reducing the possibility of