Keep a tab on income and expenses, IT department AIS will collect these details
Posted: Posted Date – 7:05 PM Wed – 30 Mar 22
Hyderabad: The new fiscal year has arrived. While there is time for tax planning, it will be prudent to get into the habit of keeping an eye on income and expenses.
Last year, the Income Tax Department introduced an Annual Information Statement (AIS) that captures various transactions. Currently, Form 26AS displays TDS/TCS transactions made during the fiscal year.
AIS is a much more detailed statement and includes savings account interest, securities/real estate purchase and sale transactions, remittances abroad, interest on deposits.
AIS makes filing taxes easy by presenting all the information in one place. AIS also has a mechanism to provide feedback on certain transactions. Based on this, the reported value will be changed. AIS can be viewed or downloaded from www. incometax.gov.in under the services tab. Part A of the AIS includes the taxpayer’s PAN, masked Aadhaar number, name, date of birth, incorporation (or company) and other details. Its Part B contains TDS/TCS information, Financial Transaction Record (SFT), Tax Payment, Application and Refund and others.
Transaction details are collated based on the PAN. In case PAN is not mentioned, they will be gathered based on Aadhaar number and other attributes. Therefore, the IT department will have a range of taxpayer information. It will be prudent to have appropriate supporting records.
Here are some of the details that will be present in the AIS
Salary, perquisites, benefits in lieu of salary and other paid to employees by employers.
Dividend paid/declared by companies
Interest paid/credited/accumulated on savings accounts, term deposits, recurring deposits and other accounts as well.
Interest received on income tax refund.
Lottery and horse racing winnings.
Interest received from the infrastructure debt fund, interest on government bonds and securities, long-term capital gains, insurance commission.
Withdrawals of National Savings Scheme deposits are taxable.
Income from the redemption of units by UCITS.
Consideration for the sale of the real estate transferred.
Sale of vehicles.
Sale of stocks and shares of mutual funds.
Cash deposits in an account other than a current account.
Transfer of funds abroad or receipt of transfers of funds abroad in the form of fees or charges for technical services, etc.
Real estate information (from the curator of the property).
Credit/debit card information.
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