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Keep a tab on income and spends, I-T department’s AIS will collect these details

Hyderabad: The new financial year has arrived. While one has time for tax related planning, it will be prudent to develop a habit of keeping a tab on the income and the spending. The Income Tax department last year introduced an Annual Information Statement (AIS) that captures various transactions. Currently, Form 26AS displays TDS/TCS transactions […]

By B. Krishna Mohan

Updated On - 30 March 2022, 11:22 PM

Keep a tab on income and spends, I-T department’s AIS will collect these details — Representational Image

Hyderabad: The new financial year has arrived. While one has time for tax related planning, it will be prudent to develop a habit of keeping a tab on the income and the spending.

The Income Tax department last year introduced an Annual Information Statement (AIS) that captures various transactions. Currently, Form 26AS displays TDS/TCS transactions carried out during the financial year.

AIS is a much more detailed statement and includes savings account interest, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits.

AIS makes it easier to file taxes by presenting all information at one place. AIS also has a mechanism to give feedback on some transactions. Based on this, the reported value will be modified. AIS can be viewed or downloaded from www.incometax.gov.in under the services tab. Part A of the AIS includes PAN, masked Aadhaar number, name, date of birth, incorporation (or company) and other contact details of the taxpayer. Its Part B has TDS/TCS information, Statement of Financial Transaction (SFT), payment of taxes, demand and refund and others.

The details of the transactions are gathered based on the PAN. In case PAN is not mentioned, they will be gathered based on the Aadhaar number and other attributes. As a result, the I-T department will have a range of information about tax payers. It will be prudent to have proper records to support.