This single document solves all problems of taxpayers!
One and a half months have passed since the start of the income tax return filing season for the financial year 2023-24 i.e. assessment year 2024-25. Although there are still two and a half months left for the deadline, more than 10 lakh returns have been filed so far. Meanwhile, the Income Tax Department has made a change to help the taxpayers, which is related to AIS.
What is AIS?
AIS is actually the short form of Annual Information Statement. This is a document which can act as a panacea for taxpayers and solve many of their problems. In this document, details of all the income earned by the taxpayer during the relevant financial year are recorded. Meaning, if the taxpayer checks the AIS carefully before filing his income tax return, then the chances of error in the return are minimal.
Information recorded in AIS
In AIS, taxpayers get lump sum information about taxable amount at one place. In AIS, you get details of every income earned from sources other than salary, which have been specified under the Income Tax Act 1961, i.e. are considered taxable. Meaning, it will provide information about every income which falls in the taxable category. Another similar document is TIS, which is basically a summary of AIS.
CBDT made this change
First of all, the latest change. Central Board of Direct Taxes i.e. CBDT says that to make the tax filing system transparent, it has added a new function in the Annual Information Statement. Through this, taxpayers can not only give feedback on the transactions visible in AIS, but will also get the facility to monitor the status. Till now the taxpayer only had the facility to give feedback.
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