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Income tax return: What Annual Information Statement (AIS) means for taxpayers
Taxpayers looking forward to ITR filing online are advised to check some changes made by the income tax department. Availability of Annual Information Statement (AIS) is one of them. The Central Board of Direct Taxes recently made an announcement in this regard putting full of curiosity among the taxpayers.
Speaking on what this Annual Information Statement means for a taxpayer, "AIS is nothing but a statement of financial transactions furnished to it by various entities in respect a taxpayer collated by the tax department based on the PAN." before this new announcement in regard to AIS, Form 26AS used to carry details in regard to taxes deducted/collected from one's income and details of taxes paid by the taxpayer directly. Form 26AS also has the details of income tax refunds along with details of interest granted on such refund to the taxpayer. Now, after inception of AIS, the income tax department intends to expand the scope of details that would be available to the taxpayer which will help the taxpayer in filing their ITR more accurately.
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