The Directorate of Income Tax (Systems) has issued an Annual Information Statement (AIS) Handbook to develop a common and shared understanding related to Annual Information Statement (AIS) and various information sources.
In order to promote transparency and simplify the tax return filing process, CBDT vide Notification dated May 28, 2020, has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961 r.w.r.114-I of Income Tax Rules, 1962 w.e.f. 01.06.2020. The new Form 26AS is an Annual Information Statement or AIS which will provide a complete profile of the taxpayer for a particular year.
Annual Information Statement or AIS is a comprehensive view of information for a taxpayer displayed in Form 26AS. During the preparation of AIS, information processing is required to display complete and accurate information to the taxpayer.
As per the notification, the Board may also authorise the Principal Director General of Income-tax (Systems) or the Director-General of Income-tax (Systems) or any person authorised by him to upload the information received from any officer, authority, or body performing any function under any law or the information received under an agreement referred to in section 90 or section 90A of the Income-tax Act,1961 or the information received from any other person to the extent as it may deem fit in the interest of the revenue in the annual information statement.
The document provided that the Annual Information Statement (AIS) includes information presently available with Income Tax Department. There may be other transactions relating to the taxpayer which are not presently displayed in the Annual Information Statement (AIS). The taxpayer is expected to check all related information and report complete and accurate information in the Income Tax Return.
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