The earnings tax division on Monday rolled out a brand new annual data assertion (AIS) on its portal that gives a complete view of taxpayer data and an choice to submit suggestions.
The brand new AIS consists of extra data associated to curiosity, dividend, securities transactions, mutual fund transactions and international remittance data.
It stated that till the whole operationalisation of recent AIS, Kind 26AS will proceed to be obtainable on the TRACES portal.
The brand new AIS additionally gives for a simplified taxpayer data abstract (TIS), which exhibits aggregated worth for the taxpayer for the benefit of submitting return.
If the taxpayer submits suggestions on AIS, the derived data in TIS might be routinely up to date in actual time and might be used for pre-filling of return which shall be applied in a phased method.
“The taxpayers are requested to view the data proven in annual data assertion (AIS) and supply suggestions if the data wants modification,” the Central Board of Direct Taxes (CBDT) stated.
In case the ITR has already been filed and a few data has not been included within the ITR, the return could also be revised to replicate the right data as proven in TIS.
“In case there’s a variation between the TDS/TCS data or the main points of tax paid as displayed in Kind 26AS on TRACES portal and the TDS/TCS data or the data regarding tax fee as displayed in AIS on compliance portal, the taxpayer could depend on the data displayed on TRACES portal for the aim of submitting of ITR and for different tax compliance functions,” it added.
Shailesh Kumar, companion at Nangia & Co LLP, stated that compared to Kind 26AS, AIS is a extra complete single reference doc for taxpayers which can be modified by the taxpayer if he believes the data reported is inaccurate.
It gives an entire and detailed data associated to curiosity, dividend, securities/ mutual funds transactions, he stated.
“The wordings of the press launch recommend that present Kind 26AS shall be progressively changed by this utility. Along with AIS, a simplified taxpayer data abstract, which captures the combination values for taxpayer to ease return submitting course of, has additionally been rolled out,” he added.
AMRG & Associates Director (Company & Worldwide) Om Rajpurohit stated the roll-out of AIS on the compliance portal is a daring transfer as it is going to function an intensive reference for taxpayers when it comes to reported transactions that have to be included in ITR Varieties, because the AIS accommodates complete data.
“Additional, the power to submit on-line feedback/ suggestions for adjustment will assist each taxpayer and tax division in detecting and eradicating the duplicate/incorrect transactions early on,” Rajpurohit stated.