ROLL OUT OF ANNUAL INFORMATION STATEMENT (AIS) IN INCOME TAX TAXCONCEPT

Roll Out of Annual Information Statement (AIS) in Income Tax

Overview :

CBDT has notified New Annual Information Statement (AIS) vide Notification No. 30/2020 dated 28.05.2020 which will be in force w.e.f. 1st June, 2020 and thereby replacing Form 26AS.

For better understanding, we will look into the following aspects in this article :

> What is Form 26AS?
> What is New Annual Information Statement (AIS)?
> Line of difference between the two statements
> Need for replacement
> Conclusion

Let’s dive deep into each of these aspects-

> What is Form 26AS?

Form 26AS is the statement issued by the Income Tax Department containing the details of total TDS (Tax Deducted at Source), TCS (Tax Collected at Source), any other tax such as self assessment tax or
advance tax. The details of refund issued by the department also forms a part of the Form 26AS.

> What is New Annual Information Statement (AIS)?

New Annual Information Statement (AIS) is the statement that will replace Form 26AS and will contain the information in regards to tax deducted or tax collected at source, specified financial transaction, payment of taxes, demand and refund, pending proceedings, completed proceedings.

> Line of difference between the two statements

The scope of Form 26AS has been widened as the New Annual Information Statement (AIS) will not be just retsricted to the details of TDS, TCS, taxes paid or refund received, which is a noteworthy difference between the two statements.

> Need for replacement

The replacement was required in the sense to impart greater efficieny in the operations, a sense of accountability and to bring out transparency. To ensure the accountability of certain complex/specified financial transaction which should be given effect while making auto-populated returns for the assessee was the need of the hour.

> Conclusion

So as to conclude, New Annual Information Statement (AIS) is a comprehensive statement having all the requisite information integrated in a single statement for the ease of operations.

Thanks for reading my article on “Roll Out of Annual Information Statement (AIS) in Income Tax”

Disclaimer : IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION. THIS HAS BEEN SHARED FOR KNOWLEDGE PURPOSES ONLY.

AUTHOR : ANISHA AHUJA (CLICK HERE TO VIEW PROFILE)

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