Invest in Credit Risk Mutual Fund or not?

The income tax department has released the new Annual Information Statement (AIS) on the Compliance Portal, which offers a taxpayer with a full view of information and the ability to provide online feedback.

That said, the new AIS can be accessed by going to the new Income Tax e-filing portal (https://www.incometax.gov.in) and clicking on the link “Annual Information Statement (AIS)” under the “Services” category. Form 26AS will be shown on the TRACES portal in parallel until the new AIS is validated and fully functioning.

What you need to know as a taxpayer?

1. Additional information on interest, dividends, securities transactions, mutual fund transactions, international remittance information, and other topics is included in the new AIS. Duplicate information has been removed from the information reported. The information from the AIS will be available in PDF, JSON, and CSV forms for taxpayers to download.

2. A facility has been provided for the taxpayer to submit online comments if they believe the information is incorrect, relates to another person/year, or is duplicate. Feedback can also be provided in bulk by providing numerous pieces of information.

3. Taxpayers can also use an AIS utility to view AIS and upload feedback in an offline mode. In the AIS, the reported value and the value after feedback will be displayed separately. If the information is changed or denied, the source of information may be contacted for confirmation.

What is a taxpayer information summary (TIS)?

4. For each taxpayer, a simplified Taxpayer Information Summary (TIS) has been prepared, which presents the taxpayer’s aggregated value for simplicity of return filing. TIS displays the processed value (i.e., the value obtained after the information is duplicated using pre-defined criteria) and the derived value (i.e., the value derived after considering the taxpayer feedback and processed value).

5. The resulting information in TIS will be automatically updated in real-time if the taxpayer offers comments on AIS. The calculated data in TIS will be utilised to pre-fill the Return Form (pre-filling will be enabled in a phased manner).

Importance during ITR filing?

6. Taxpayers should keep in mind that the AIS contains information currently accessible with the income tax department. Taxpayers should double-check all related information and fill out the Income Tax Return completely and accurately.

7. Taxpayers are asked to review the information in the Annual Information Statement (AIS) and provide comments if any of it needs to be changed. When filing the ITR, the value stated in the Taxpayer Information Summary (TIS) may be considered. If the ITR has already been filed and any information has been left out, the return may be changed to reflect the updated information.

8. If there is a discrepancy between the TDS/TCS information or tax payment details displayed in Form26AS on the TRACES portal and the TDS/TCS information or tax payment details displayed in AIS on the Compliance Portal, the taxpayer may rely on the information displayed on the TRACES portal for ITR filing and other tax compliance purposes.

9. Taxpayers can consult the AIS papers (AIS Handbook, Presentation, User Guide, and FAQs) under the “Resources” section or contact the helpdesk via the “Help” section on the AIS Homepage if they have any questions.