Income Tax Department Rolls Out New Annual Info System; Users Can Give Feedback

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Income Tax Department Rolls Out New Annual Info System; Users Can Give Feedback

It has additional information related to interest, dividend, securities transactions, mutual fund transactions and foreign remittance.

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On Monday, November 1, the Income Tax Department rolled out a new format for Annual Information Statement (AIS). The system provides a comprehensive view of taxpayer information and has an option to submit feedback.

It has additional information related to interest, dividend, securities transactions, mutual fund transactions and foreign remittance. The new format can be accessed on www.incometax.gov.in

Until the complete operationalisation of the new AIS, Form 26AS will continue to be available on the TRACES portal, it said. The new system also provides for a simplified taxpayer information summary (TIS), which shows the aggregated value for the taxpayer for the ease of filing return, reported Moneycontrol.

Once the taxpayer submits feedback on the new system, the derived information in TIS will be automatically updated in real-time and will be used for pre-filling of return which shall be implemented in a phased manner.

Taxpayers can view the information shown in the annual information statement (AIS) and provide feedback if the information needs modification, the Central Board of Direct Taxes (CBDT) said. In case the ITR has already been filed in and some details have not been added in, the return may be revised to reflect the correct information as shown in TIS.

"In case there is a difference between the TDS/TCS information or the details of tax paid as displayed in Form 26AS on TRACES portal and the TDS/TCS information or the information relating to tax payment as displayed in AIS on compliance portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing of ITR and for other tax compliance purposes," it added.

How To Download AIS?

  • You need to log into the e-filing portal using your PAN or Aadhaar and your password
  • Go to the 'Services' section at the top and click on 'Annual Information Statement (AIS)'
  • Then, click on 'Proceed'
  • Now, click on the download button in the AIS tab
  • Select either the PDF or the JSON option and click on 'Download'
  • Click on the PDF and enter the password
  • The password will be your PAN + your date of birth
  • Once you have entered your password, you can view all your information in your AIS. You can also upload an updated AIS using the same method.

Also Read: UP: CBI Files FIR In Rs 15,000 Cr Bike Taxi Investment Fraud; Firm, Promoter Booked

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Writer : Madhusree Goswami
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Editor : Snehadri Sarkar
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Creatives : Madhusree Goswami