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

  • Blog|Income Tax|News|
  • |
  • < 1 minute
  • By Taxmann
  • |
  • Last Updated on 3 November, 2021

CBDT rolls out Annual Information Statement (AIS)

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).

Click Here To Read The Full Notification

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Leave a Reply

Your email address will not be published. Required fields are marked *

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied