Annual income in AIS. There is information about how much rent was received, bank balance, cash deposited, how much cash was withdrawn, credit-debit card transactions, dividends, how much interest was received on savings account, purchase and sale of shares and property.
The Income Tax Department has started sending emails and SMS to those taxpayers whose tax payments made during the current financial year are not matching with their financial transactions. The department gave this information on Sunday. The department is running an e-campaign for this.
Keeping an eye on mismatches in financial transactions: The Central Board of Direct Taxes (CBDT) said that based on the analysis of tax paid so far during the current financial year, the department has identified such persons/institutions whose dues for the financial year 2023- 24 (Assessment year 2024-25) the tax payment made is not in line with the financial transactions undertaken by them. Such individuals and institutions are being informed about this through email and SMS.
Notice to 22 000 taxpayers
It is being told that the department has recently issued information notices to 22 thousand income tax payers. The tax deduction claimed by them in the income tax return is not matching with the Form-16 or Annual Information Statement (AIS) or the data of the Income Tax Department. The department says that if the income tax payer does not respond to this information notice or is unable to give any explanation, then the Income Tax Department will send them a tax demand notice.
Advance tax payment opportunity till March 15: The department said that the purpose of this campaign is to alert the taxpayers so that they can calculate their advance tax, file the income tax return i.e. ITR correctly and deposit the outstanding advance tax on or before the last date of March 15. . The Income Tax Department said that if an income taxpayer has tax liability, he can pay the outstanding tax along with interest and file updated returns.
Check AIS Report: The department has advised such taxpayers to check their Annual Information Report (AIS) by visiting the e-filing portal. Through this any type of mistake can be identified. If any mistake is noticed here, you can file an updated income tax return. Annual statement information can be obtained by logging into the Income Tax Department website (www.incometax.gov.in) or downloading the AIS app.
What is AIS?
Annual Information Statement (AIS) contains complete details of income tax transactions during the financial year. This is very useful in filing returns. It contains additional information about every transaction. Total annual income in this. How much rent received, bank balance, how much cash deposited, how much cash withdrawn, credit and debit card transactions, dividends, how much interest received on savings account, purchase and sale of shares and mutual funds, foreign travel, purchase and sale of property. Detailed description of etc. is included.
This is how you can improve
- For this, arrangements have been made on the compliance portal on the e-filing website https://eportal.incometax.gov.in.
- ‘E-Verification’ tab of mismatched information identified will be available here. By clicking on this, you will have to answer on-screen.
- Taxpayers who are already registered on the website will be able to do so after logging into their account.
- And those who are not registered must first complete the registration process on the e-filing website.
- If the taxpayer has disclosed interest income under ‘Others’ category, he is not required to respond to the discrepancy relating to interest income.
- In such a situation, the discrepancy will be resolved automatically and the complete update will be visible on the website.
