RTI deposit: The tax return or RTI filing deadline for YY 2021-22 is December 31, 2021. Thus, taxpayers eagerly awaiting RTI filing online are advised to check certain changes made by the tax department. income taxes. The availability of the annual information statement (AIS) is one of them. The Central Council of Direct Taxes recently made an announcement in this regard, raising curiosity among taxpayers.
Speaking on what this annual briefing means for a taxpayer, Mumbai-based tax and investment expert Balwant Jain said: The pan. “Jain said that prior to this new announcement regarding the ‘AIS, Form 26AS contained details regarding taxes deducted / levied on income and details of taxes paid directly by the taxpayer. Form 26AS also contained details of income tax refunds as well as details of interest granted on this refund to the taxpayer. Now, after the establishment of the AIS, the income tax service intends to expand the scope of the details that would be available to the taxpayer, which will help him to complete its RTI with more precision.
What’s new in this Annual Information Document (AIS)
“This AIS contains details of all transactions declared by certain entities as part of the annual statement of financial transactions that they are required to provide to the tax office. These entities include banks, registrars, regional transportation bureau, licensed brokers dealing in currencies, stock exchanges, mutual funds, companies issuing stocks and bonds, RBI and all taxpayers who are required to withhold and collect tax at source, ”Balwant Jain said.
So now any transaction related to a taxpayer’s PAN can be easily monitored online by the government. Thus, when filing the RTI, the taxpayer is advised to go through their AIS and report all high value cash and non-cash transactions and any type of mismatch between government data and the date of the RTI filed. by the taxpayer. It also includes transactions related to credit cards, stocks, mutual funds, debentures and bonds.
Benefits of AIS for a taxpayer
On how a taxpayer will benefit from this AIS; Amit Gupta, Managing Director of SAG Infotech, said: “The Income Tax Service has created an Annual Financial Transactions Information Return (AIR) to track high value taxpayer transactions. Tax officials will collate details of unusual high value transactions on this basis. during a particular fiscal year. In the event that an expense or transaction has been listed as a high value transaction, check the AIR section of your Form 26AS. PART -E of Form 26AS combines details of high value financial transactions. “
The details of which will be there in AIS
Advise taxpayers to take the details of the Income Tax Department’s AIS seriously when filing the RTI; Balwant Jai said, “The details of an income tax recipient will only be reflected in the AIS if the total amount of the transaction falling into that category and with that entity exceeds the prescribed threshold.”
How to resolve discrepancies in AIS
If there is a transaction reported in their AIS in which the taxpayer has not executed, in this case the taxpayer can report these transactions online and have their AIS changed. Failure to do so can get you in trouble.
Warning: The opinions and recommendations expressed above are those of individual analysts or personal finance companies, not of Mint.
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