Dos and don’ts that the taxpayer should follow

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The Income Tax Service recently rolled out a new Annual Information Statement (AIS) on its portal that provides a comprehensive view of taxpayer information and an option to submit comments.

The new SIA includes additional information on interest, dividends, securities transactions, mutual fund transactions, and overseas remittance information.

The Income Tax Department has shared some dos and don’ts for the taxpayer to follow to have a seamless experience in the AIS utility.

“Caveat! There are certain dos and don’ts that the taxpayer should follow to have a seamless experience in the AIS utility,” the Income Tax Department said in a tweet.

Back

-Use the latest version of the AIS utility

-Give feedback on the information displayed in the AIS

-Check your TIS to confirm the values ​​used for pre-filtering returns.

-View your AIS regularly.

-Use the AIS utility to view AIS and provide comments if the number of transactions is high.

Not to do

-Do not use the old version of AIS JSON to prepare comments through the utility

– Do not provide incorrect comments on AIS information

-Do not share your e-filing credentials with anyone

The new AIS also provides a Simplified Taxpayer Information Summary (TIS), which shows the aggregate value to the taxpayer for ease of filing returns.

If the taxpayer submits comments on the AIS, the information derived in TIS will be automatically updated in real time and will be used for the pre-filling of the declaration which will be implemented gradually.

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