The Central Board of Direct Taxes (CBDT) has rolled out the new Annual Information Statement (AIS) to provide comprehensive information pertaining to an assessee, including those on adverse action initiated by other law enforcement agencies. The move is aimed at bringing about transparency and ease of compliance.
The income tax department had, in May last year, issued a notification amending the form 26AS to capture the complete profile of a taxpayer for an assessment year. With a new system in place, Form 26 AS is likely to be phased out gradually.
“The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc. The reported information has been processed to remove duplicate information. Taxpayers will be able to download AIS information in PDF, JSON, CSV formats,” a CBDT release said.
The display of Form 26AS on TRACES portal will continue till the new AIS is validated and completely operational, the department said in the release. The assessee will have the option to provide feedback if any information on the AIS is incorrect. “If the taxpayer feels that the information is incorrect, relates to other person/year or duplicate, a facility has been provided to submit online feedback,” the CBDT release said. The feedback can also be submitted offline as well.
The tax department has also developed a Taxpayer Information Summary (TIS) for each taxpayer, which reflects their aggregated value, for ease of filing returns. TIS shows the processed value (the value generated after de-duplication of information based on predefined rules) and derived value (value derived after considering the taxpayer feedback and processed value). If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real time. The derived information in TIS will be used for pre-filing of return, which will be enabled in a phased manner.
In addition to the information on tax collected at source and tax deducted at source, the new system will also reflect specified transactions such as share and property purchase and sale, and pending proceedings, among others. Any adverse order passed by under any other law (indirect tax authorities or any other agencies) may also be a part of the AIS.
