Income Tax Update: Important news for taxpayers. Actually this news is to alert the taxpayers. In fact, according to a recent report, it is being said that ITR should not be filed without AIS.
If you are preparing to file income tax return, do not be in a hurry. Actually, the ITR deadline for the financial year 2022-23 (FY23) is 31 July. The Income Tax Department is continuously encouraging people to file ITR. Because of which the number of ITR filers has increased rapidly in the last few years.
In the last few years, the Income Tax Department has tried to make the ITR filing process easier. So this time before filing ITR you should know about the changes.
Keep these documents ready before filing return-
Income Tax Department has introduced AIS (Annual Information Statement) and TIS (Taxpayer Information Summary) to make ITR easier. , The department says AIS will bring transparency in ITR filing and make things easier for taxpayers. Experts say that with the help of AIS, filing income tax becomes very easy.
That’s why you must have AIS before filing ITR. Do not file ITR until you have received the AIS. Because there can be difference in figures if ITR is filed without AIS. Though the updated AIS is not yet available, it is likely that this document will be available to taxpayers in the first week of May.
What is AIS?
In the new AIS form, taxpayers are given details of all income earned through different means. These include interest income from savings account, recurring and fixed deposit income, income from dividends, income from mutual funds and securities transactions, money received from abroad, etc.
AIS will show you all the transaction details to make ITR filing easy. In this, taxpayers get lump sum information about the taxable amount. The department had earlier started it as a trial, now it has been made mandatory.
Usually the salaried class files ITR on the basis of Form-16. However, apart from this, many types of income and even gifts also come under the purview of income tax. This is where AIS and TIS come in handy for taxpayers. AIS gives you details of all income from sources other than salary, as specified under the Income Tax Act, 1961. Meaning, the information of every income which is in the taxable category will be available in it. In simple words, the detailed statement of all the financial transactions carried out during a financial year can be termed as AIS. Tis is the gist of it.
Download AIS/TIS online like this (How to Download AIS/TIS)…
First of all go to the Income Tax Filing Portal. Now login to your account with the help of PAN number and password. Go to the Services tab in the top menu. Select ‘Annual Information Statement (AIS)’ in the dropdown. A separate website will open as soon as you click on Proceed. Select the AIS option on the new website. Now you will get the option to download both AIS and TIS. – You can download AIS and TIS in PDF or JSON format.
Download AIS/TIS online like this (How to Download AIS/TIS)…
First of all go to the Income Tax Filing Portal. Now login to your account with the help of PAN number and password. Go to the Services tab in the top menu. Select ‘Annual Information Statement (AIS)’ in the dropdown. A separate website will open as soon as you click on Proceed. Select the AIS option on the new website.
Now you will get the option to download both AIS and TIS.
-You can download AIS and TIS in PDF or JSON format.
Apart from this, now the AIS app has also been launched. Whose name is AIS For Taxpayers. With its help, taxpayers will be able to easily view the information available in Annual Information Statement (AIS) or Taxpayer Information Summary (TIS) on their phones. This mobile application can be downloaded for free from Google Play and App Store.
Process of Registration on AIS App
Open Google Play Store on your mobile phone. Now search by typing AIS for Taxpayers in the search option. After this the AIS app will appear on your mobile screen. – Click on the install option given next to it and it will be downloaded. After the app is downloaded in the phone, open it and fill the PAN card details.
After registering yourself through PAN details, OTP will come on your registered number. Authentication will have to be done through this OTP and registered e-mail on the e-filing portal. After this you can start using mobile by setting 4 digit pin.
Through the AIS app, taxpayers can get information about 46 types of transactions on their mobile phones. Apart from this, filing Income Tax Return (ITR) will also become easier. Through the information available on this, taxpayers can avoid mistakes while filing ITR.
Apart from this, keep some documents ready before filing the return. Among the documents that the Income Tax Department is talking about, Form 16, bank statement, interest certificate received from the bank, if there is a home loan, then its statement is necessary.
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