What is ais in income tax

The Income Tax Department announced yesterday, November 14, 2021, that taxpayers can now access the new Annual Information Statement (AIS) through the e-Filing portal. In a Tweet, the department has clarified that "Check out the new Annual Information Statement(AIS). Provides a comprehensive view of information available with ITD about taxpayer. Click on link 'AIS' under 'Services' tab on http://incometax.gov.in to access." The Income Tax Department launched the new Annual Information Statement (AIS) on the Compliance Portal at the beginning of this month, which offers a taxpayer a detailed overview of information as well as the option to submit online feedback. Now, let's learn everything there is to know about the new Annual Information Statement (AIS) and how to access it. What’s new about the Annual Information Statement (AIS)? Additional information on interest, dividends, securities transactions, mutual fund transactions, foreign remittance, etc is now included in the new AIS. Duplicate information has been eliminated from the reports submitted and now the information from the AIS will be available in PDF, JSON, and CSV formats for taxpayers to access or download. The Annual Information Statement (AIS) encompasses details that currently have a record with the tax department. Hence, taxpayers should need to keep in mind that additional transactions involving the taxpayer that are not currently included in the Annual Information Statement may emerge, therefore they sho...

The tax filing process has become simpler and easier after the Income Tax Department rolled out Annual Information Statement (AIS) on its portal this week. The statement provides comprehensive information about financial transactions done by a taxpayer in the previous financial year. You can access the statement for FY 2020-21 by clicking on the link 'AIS' under the 'Services' tab on incometax.gov.in. AIS is more comprehensive compared to the existing form 26AS, which provides information only relating to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). It is a single reference document for taxpayers, which provides complete and detailed information relating to salary, dividend, interest from saving accounts and deposits, securities and mutual funds transactions, off-market debt transactions, foreign remittance, etc. In addition to AIS, a simplified Taxpayer Information Summary (TIS) can also be downloaded which gives an overarching view of the financial transactions. Experts say it is going to benefit taxpayers, as it often happens that people fail to mention a few transactions, whether intentionally or unintentionally, while filing their Income Tax Returns (ITR). The AIS gives a glimpse of transactions beforehand and therefore reduces the chances of enquiries and notices from the department even for small mistakes. What should taxpayers do? If you have already filed an ITR for the financial year 2020-2021 then you should cross-check the details with AIS so...

Many taxpayers, however, are unsure if the new AIS will make their lives easier or more difficult. In addition to this, there is confusion as to whether AIS will replace the form 26AS or is different from it. So in order to make taxpayers life easier and resolve their queries, here is a guide to help you.

Form 16 AY 2023-24: Salaried employees will receive Form 16 this month from their employers. Form 16 contains details of tax deducted at source (TDS) by the employer on behalf of the employee. Apart from TDS, it includes a detailed summary of the salary paid by the employer. Employers are required to issue Form 16 by June 15. For filing Income Tax Returns, Form 16 plays a crucial role for salaried individuals as it provides a detailed description of the salary paid to the employee, deductions claimed by the employee, and the tax deducted from it. Can you change tax regime while filing Income Tax Return (ITR)? Check Tax Regime First, you should check what tax regime has been considered while computing Form 16. In case a new tax regime has been selected, compare the regimes using an income tax calculator with the claim of tax deduction and exemptions to see which regime is beneficial, according to Archit Gupta, Founder and CEO of Clear (formerly ClearTax) “Taxpayers who are salaried and don’t have any business income are allowed to switch to a more favourable regime at the time of filing their tax return.,” says Gupta. Also Read: Check all deductions You should check whether all your submissions for deductions have been included and allowed in the Form 16. “If not you can include deductions (those covered under chapter VIA) at the time of filing your return. Usually these forms are auto-generated and several websites allow you to upload them to auto-populate your ITR, which ...

People earn income from various sources such as salary, business income, interest, rent, dividend, capital gain, etc. Some people may find it challenging to keep track of all the incomes earned, the taxes paid, and the balance taxes payable, if any. To make it easy for people to calculate their overall income, taxes paid, and taxes payable (if any), the Government has introduced AIS and TIS. In this article, we will discuss what AIS and TIS are, the information they provide, and how they can help individuals file their income tax returns. What is the Annual Information Statement (AIS)? The Annual Information Statement or AIS provides comprehensive information about the taxpayer’s financial transactions. AIS includes the income received from various sources, TDS deducted, TDS deposited, etc. It is a very useful document for the individual when filing income tax returns, and has two parts: A and B. • Part A: This contains general information about the taxpayer, such as name, contact details, PAN and Aadhaar number, etc. • Part B: This has information about the income received from various sources and the tax deducted and deposited. It also has information related to specified financial transactions (SFT) such as dividends, interest from savings banks, interest from fixed deposits, purchase and sale of shares and mutual fund units, investment in fixed deposit, etc. Also Read: What is Taxpayer Information Summary (TIS)? The Taxpayer Information Summary (TIS) shows the aggregat...

The Income Tax Department had rolled out a new Annual Information System (AIS), a comprehensive statement containing details of all the financial transactions undertaken during a financial year and are at present available with the Income Tax Department, even broader than Form 26AS. At present, Form 26AS is detailed by the Tax Department, which is a consolidated annual tax statement that includes information on tax deducted/collected at source, advance tax, and self-assessment that is available on the Income-Tax website against a taxpayer’s Permanent Account Number (PAN). The revised Annual Information Statement (AIS) includes additional categories of information of interest, dividend, securities transactions, mutual fund transactions, and remittances from abroad, along with information on many other transactions that are at present available with the Income Tax Department. Salient Features of AIS: • Includes new information- Interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc. • Summary of information and generation of a simplified Taxpayer Information Summary (TIS) for ease of filing return (pre-filling will be enabled in a phased manner). • Taxpayer will be able to submit online feedback on the information displayed in AIS and also download information in PDF, JSON, CSV file formats. • AIS Utility will enable taxpayer to view AIS and upload feedback in offline manner. • Ease of reporting errors in AIS through feedbac...

Annual Information Statement refers to a document that provides a summary of the financial and tax-related information of a taxpayer for a specific tax year. Annual Information Statement for individual taxpayers may include the following information: • Personal information • Income information • Deductions and Credits • Tax payments and Withholdings • Tax Liability and Refunds • Other relevant information like tax rates, tax brackets, tax credits, or any significant changes in tax laws that may impact the taxpayer. The Annual Information Statement (AIS) is a comprehensive overview of taxpayer information on • Provide complete information to taxpayers, including the ability to provide online feedback. • Encourage voluntary compliance by allowing for seamless prefilling of returns. • Deter non-compliance • In case there are errors, it also accepts feedback from the taxpayers on the information displayed in AIS. • It includes new data such as interest, dividends, securities transactions, mutual fund transactions, international remittance data, etc. • Information duplication is eliminated, and a streamlined Taxpayer Information Summary (TIS) is generated for easier return filing (pre-filling will be enabled in a phased manner). • Taxpayers will be able to provide online feedback on the information provided in AIS and download data in PDF, JSON, and CSV forms. • The AIS Utility will allow taxpayers to view AIS and provide feedback. • The AIS Mobile App allows taxpayers to view ...

People earn income from various sources such as salary, business income, interest, rent, dividend, capital gain, etc. Some people may find it challenging to keep track of all the incomes earned, the taxes paid, and the balance taxes payable, if any. To make it easy for people to calculate their overall income, taxes paid, and taxes payable (if any), the Government has introduced AIS and TIS. In this article, we will discuss what AIS and TIS are, the information they provide, and how they can help individuals file their income tax returns. What is the Annual Information Statement (AIS)? The Annual Information Statement or AIS provides comprehensive information about the taxpayer’s financial transactions. AIS includes the income received from various sources, TDS deducted, TDS deposited, etc. It is a very useful document for the individual when filing income tax returns, and has two parts: A and B. • Part A: This contains general information about the taxpayer, such as name, contact details, PAN and Aadhaar number, etc. • Part B: This has information about the income received from various sources and the tax deducted and deposited. It also has information related to specified financial transactions (SFT) such as dividends, interest from savings banks, interest from fixed deposits, purchase and sale of shares and mutual fund units, investment in fixed deposit, etc. Also Read: What is Taxpayer Information Summary (TIS)? The Taxpayer Information Summary (TIS) shows the aggregat...

Form 16 AY 2023-24: Salaried employees will receive Form 16 this month from their employers. Form 16 contains details of tax deducted at source (TDS) by the employer on behalf of the employee. Apart from TDS, it includes a detailed summary of the salary paid by the employer. Employers are required to issue Form 16 by June 15. For filing Income Tax Returns, Form 16 plays a crucial role for salaried individuals as it provides a detailed description of the salary paid to the employee, deductions claimed by the employee, and the tax deducted from it. ITR filing AY 2023-24: How much deduction is allowed for stamp duty, property registration fee? Check Tax Regime First, you should check what tax regime has been considered while computing Form 16. In case a new tax regime has been selected, compare the regimes using an income tax calculator with the claim of tax deduction and exemptions to see which regime is beneficial, according to Archit Gupta, Founder and CEO of Clear (formerly ClearTax) “Taxpayers who are salaried and don’t have any business income are allowed to switch to a more favourable regime at the time of filing their tax return.,” says Gupta. Also Read: Check all deductions You should check whether all your submissions for deductions have been included and allowed in the Form 16. “If not you can include deductions (those covered under chapter VIA) at the time of filing your return. Usually these forms are auto-generated and several websites allow you to upload them t...

Annual Information Statement refers to a document that provides a summary of the financial and tax-related information of a taxpayer for a specific tax year. Annual Information Statement for individual taxpayers may include the following information: • Personal information • Income information • Deductions and Credits • Tax payments and Withholdings • Tax Liability and Refunds • Other relevant information like tax rates, tax brackets, tax credits, or any significant changes in tax laws that may impact the taxpayer. The Annual Information Statement (AIS) is a comprehensive overview of taxpayer information on • Provide complete information to taxpayers, including the ability to provide online feedback. • Encourage voluntary compliance by allowing for seamless prefilling of returns. • Deter non-compliance • In case there are errors, it also accepts feedback from the taxpayers on the information displayed in AIS. • It includes new data such as interest, dividends, securities transactions, mutual fund transactions, international remittance data, etc. • Information duplication is eliminated, and a streamlined Taxpayer Information Summary (TIS) is generated for easier return filing (pre-filling will be enabled in a phased manner). • Taxpayers will be able to provide online feedback on the information provided in AIS and download data in PDF, JSON, and CSV forms. • The AIS Utility will allow taxpayers to view AIS and provide feedback. • The AIS Mobile App allows taxpayers to view ...