2. Things To Consider At The Time Of Filing of the Income Tax Return
1. Annual Information System and Tax-Payer Information System
The government, with its aim of ‘less government more governance’, have introduced two new statements for taxpayers viz. AIS an TIS.
These statements include information relating to interest, dividend, business receipts, cash deposits/withdrawals, transfer of securities and units of mutual funds, investments in government bonds, TDS/TCS, refund of income tax, transfer of land or building, foreign remittance information, credit card payments, transaction in term deposits etc. reported by various entities to the income tax department.
The main objective of these statements is to assist taxpayers in accurately filing their tax returns and ensure that they do not skip out reporting any vital information which have a bearing on their income tax returns.
If in taxpayer’s opinion, the information reflected in AIS is incorrect, duplicate, non-taxable, relates to some other person or any other year, then, an added functionality of accepting online feedback from taxpayer is in place, which enables the taxpayer to correct and amend the information reported therein.
Taxpayer can also upload feedback in offline manner by using AIS utility. If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated.