The final date to file the revenue tax return is July 31.
The Income Tax Department has launched a brand new assertion for taxpayers named Annual Information Statement (AIS).
The final day to file an Income Tax Return (ITR) for the present evaluation 12 months is scheduled for July 31. Under the brand new revenue tax legal guidelines, a particular function has now been made accessible. The Income Tax Department, which is accountable for administering and implementing direct tax legal guidelines in India, has launched a brand new assertion for taxpayers named Annual Information Statement (AIS). This is unquestionably going to make the method of submitting the revenue tax return simpler.
What Is AIS?
AIS is a complete assertion that features details about monetary transactions that you simply carried out and was reported to the tax division by varied entities, principally monetary establishments. Taxpayers can now validate their revenue tax return utilizing the brand new Annual Information Statement earlier than submitting it to cease additional reminders from the revenue tax division.
In different phrases, AIS is a complete assertion that lists your entire monetary actions for a selected monetary 12 months and consists of the data mandated by the Income Tax Act of 1961. Information on abroad remittances, curiosity, dividends, inventory trades, mutual fund exercise, and many others. is included within the AIS.
How is it useful?
All monetary transactions, together with gross sales and purchases of securities, dividend revenue, curiosity from financial savings and glued deposits, and wage revenue, are displayed on AIS. It can be easy for a taxpayer to report correct data within the revenue tax return with assistance from all such monetary data. The taxpayers can stop a discrepancy between the data said on the revenue tax return and the precise monetary transactions.
For this motive, you want AIS to submit an ITR. You shouldn’t file an ITR till you might have obtained AIS. Because the figures could possibly be totally different if an ITR was submitted with out AIS. It is claimed that the up to date AIS is more likely to be accessible to taxpayers within the first week of May.
How to obtain it?
Step 1: Use your PAN and password to entry the Income Tax Portal.
Step 2: Select the Annual Information Statement (AIS) choice beneath the “Service” tab in the menu.
Step 3. Here a pop-up window will open in front of you, in which you have to click on Proceed.
Step 4. Now your AIS homepage will open.
Step 5: Go through every instruction on the AIS homepage.
Step 6: Click the AIS tab, which is located between the Activity History and Instructions sections.
Step 7. Now you will have two options for download. First, Taxpayer Information System (TIS) and second AIS.
Step 8: Choose PDF Download under the AIS tab. When you first access the PDF, you will be asked for the password. Your password will be your PAN card number and your birthdate.
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