Having family functions, medical emergencies, property transactions and day to day business affairs always reflects in your bank account as high-value transactions. Do you know this may attract the attention of the income tax department?
Recently, the income tax department has decided to implement artificial intelligence to monitor high-value transactions to tackle tax evaders even before the act of evading tax.
Every taxpayer should report all his sources of income, transactions and investments while filing income tax return. Especially, if you do a high-value transaction, then you should mention it in the return. If its details are not included in your tax records, then a notice may come to you from the Income Tax Department.
Annual Information Return (AIR) statement keeps the details of all your financial transactions, this statement is checked by the tax authorities. The E part of Form 26A contains the details of your high-value transactions.
AIS is the extension of Form 26AS. Form 26AS displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover etc. AIS also provides the taxpayer the option to give feedback on the transactions reported. Further, the aggregation of transactions on information source level is also reported in TIS.
Part-A of the form displays general information pertaining to you, including PAN, Masked Aadhar Number, Name of the Taxpayer, Date of Birth/ Incorporation/ Formation, mobile number, e-mail address and address of Taxpayer. General information displays the general information pertaining to you, including PAN, Masked Aadhar Number, Name of the Taxpayer, Date of Birth/ Incorporation/ Formation, mobile number, e-mail address and address of Taxpayer.
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