📍In this session we have discuss complete analysis of Annual Information Statement and Taxpayer information summary AIS & TIS. AIS is comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayer can provide feedback on information displayed in AIS. AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information).
📍The objectives of AIS are:
• Display complete information to the taxpayer with a facility to capture online feedback
• Promote voluntary compliance and enable seamless prefilling of return
• Deter non-compliance
📍Salient Features of AIS are:
• Inclusion of new information (interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc.)
• Use of Data Analytics to populate PAN in non-PAN data for inclusion in AIS.
• Deduplication of information and generation of a simplified Taxpayer Information Summary (TIS) for ease of filing return (pre-filling will be enabled in a phased manner).
• Taxpayer will be able to submit online feedback on the information displayed in AIS and also download information in PDF, JSON, CSV file formats.
• AIS Utility will enable taxpayer to view AIS and upload feedback in offline manner.
• AIS Mobile Application will enable taxpayer to view AIS and upload feedback on mobile.
📍Disclaimer:
Annual Information Statement (AIS) includes information presently available with Income Tax Department. There may be other transactions relating to the taxpayer which are not presently displayed in Annual Information Statement (AIS). Taxpayer is expected to check all related information and report complete and accurate information in the Income Tax Return. At 34:41 reporting is only required if bank account open without furnishing PAN.
🔗Download AIS User Guide - https://bit.ly/3GNUXfM
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Cheers Folks
Thanks for Watching :)
Team Fintaxpro
⏰Time Stamp of Video
0:00 Intro to AIS & TIS
1:35 How to view and download AIS
2:46 What is Annual information statement AIS
3:40 Impact of AIS on Income
4:47 Overview of AIS Form
5:04 TDS information in AIS
5:16 Difference in Form AIS & Form 26AS
5:58 SFT information in AIS
6:31 Payment of Tax in AIS
7:02 Other information in AIS
12:05 How to amend or change Form AIS
17:02 JSON Utility for AIS
17:56 Overview of Taxpayer information summary TIS
20:57 AIS information category
34:41 Bank Balance in Form AIS
37:45 Outro
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Disclaimer- Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of YouTube videos.
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