CBDT rolls out Annual Information Statement (AIS) to provide details of taxpayer’s financial info.

Press release, dated 01-11-2021

The Finance Act, 2020 has inserted a new section 285BB to the Income-tax Act, to provide that income-tax authority or any other person authorized in this behalf shall make available an Annual Financial Statement (AIS) to the assessee containing information of various financial transactions made by him during the year.
This information includes interest income, dividend income, securities transactions, mutual fund transactions, foreign remittance information, etc., related to the assessee.
The Income-tax Dept. has rolled out the new AIS on the Compliance Portal, which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback.
The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal.
If the taxpayer feels that the information is incorrect, relates to another person/year, duplicate, etc., a facility has been provided to submit online feedback. Taxpayers will be able to download AIS information in PDF, JSON, CSV formats.
If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real-time. The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner).

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