IT annual info statement is now available on the e-filing portal
Last month, the Internal Revenue Service (IRS) added details of mutual fund (MF) purchases, international transfers, and information from other taxpayers’ ITRs to the list of high-value financial transactions that would be available to taxpayers in their Form 26AS. Taxpayers who use their Permanent Account Number can view Form 26AS, an annual consolidated tax statement, on the IRS website (PAN).
“AIS makes it simple to use!” It is currently available on the e-filing portal and may be downloaded in PDF, CSV, and JSON forms (machine-readable format). The I-T department tweeted, “Click on link ‘AIS’ under the ‘Services’ tab on http://incometax.gov.in.” A taxpayer can utilise AIS to examine and verify taxpayer information on file with the IRS, provide feedback in the event of discrepancies, and view/update the Taxpayer Information Summary (TIS) that is used to pre-fill ITRs.
Foreign remittances made by any person through an authorised dealer, the breakdown of the salary with deductions claimed by the employee, information in other taxpayers’ ITRs, interest on income tax refunds, and information published in the statement of financial transactions are all examples of additional information required.
Off-market transactions reported by the depository, registrar, and transfer agent, as well as information about mutual fund dividends reported by RTA and information about mutual fund purchases reported by RTA, would all be included in Form 26AS.
Apart from the TDS/ TCS details, the Budget 2020-21 introduced a new Section 285BB in the Income Tax Act to revamp Form 26AS into a ‘Annual Information Statement,’ which would contain comprehensive information relating to specified financial transactions, payment of taxes, demand/ refund, and pending/completed proceedings undertaken by a taxpayer in a particular financial year that must be mentioned in the income tax returns.
Following that, in May of last year, the Internal Revenue Service (IRS) issued a redesigned Form 26AS, which included information on high-value financial transactions made during a fiscal year, facilitating voluntary compliance and e-filing of I-T reports. The set of facts to be supplied in Form 26AS has been enlarged further according to an I-T department regulation issued last month.