Income Tax Department has recently released a new Annual Information Statement (AIS) on its portal which provides a comprehensive view of taxpayer information and option to submit feedback.
The new AIS includes additional information relating to interest, dividends, securities transactions, mutual fund transactions and foreign remittance information.
The Income Tax Department has shared the dos and don’ts that a taxpayer should follow to get a smooth experience in AIS utility.
“Warning! There are certain dos and don’ts that a taxpayer should follow to get a smooth experience in AIS utility,” the Income Tax Department said in a tweet.
worth doing
-Use the latest version of the AIS utility
– Respond to information displayed in AIS
-Check your TIS to confirm the values used for pre-filing of return.
-Check your AIS regularly.
-Use the AIS utility to view the AIS and provide feedback when the number of transactions is high.
what not to do
-Do not use an older version of AIS JSON to prepare the response via the utility
-Don’t give wrong feedback on AIS information
Do not share your e-filing information with anyone
The new AIS also provides a simplified Taxpayer Information Summary (TIS), which shows the overall value for the taxpayer for ease of filing returns.
If the taxpayer submits feedback on AIS, the information derived in TIS will be automatically updated in real-time and used for filing returns which will be implemented in a phased manner.
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