The Central Board of Direct Taxes rolled out the new Annual Information Statement on the compliance portal which provides a comprehensive view of information relating to a taxpayer’s interest, dividend, securities transactions, mutual fund transactions, foreign remittance information among others. The new AIS can be accessed by clicking on the link Annual Information Statement under the services tab on the new income tax e-filing portal.
“The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational,” the Board said in a statement.
The new AIS includes a facility to capture online feedback besides 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. Taxpayer will be able to download AIS information in PDF, JSON, CSV formats, the Board said. “If the taxpayer feels that the information is incorrect, relates to other person/year, duplicate etc., a facility has been provided to submit online feedback. Feedback can also be furnished by submitting information in bulk,” the Board added.
An AIS utility has also been provided for taxpayers to view AIS and upload feedback in offline manner. The reported value and value after feedback will be shown separately in the AIS. In case the information is modified or denied, the information source may be contacted for confirmation.
A simplified Taxpayer Information Summary has also been generated for each taxpayer which shows aggregated value for the taxpayer for ease of filing return.
TIS shows the processed value or the value generated after deduplication of information based on pre-defined rules, and derived value or the 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 Board said.
“The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner),” it added.