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Tax Talk- Annual Information Statement: Know what it reveals
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By Neha Malhotra
Form 26AS was essentially an annual tax statement that contained information on taxes already paid by a taxpayer such as tax deducted or collected at source, advance tax payments, and self-assessment tax. The Finance Act 2020 inserted a new Section 285BB to revise Form 26AS and incorporate additional information such as details of pending or completed income tax proceedings, status of income tax demand and refund, specified financial transactions undertaken by a taxpayer.
The Income Tax Department has further rolled out a new Annual Information Statement (AIS) to replace existing Form 26AS and provide more comprehensive information to a taxpayer.
What will the new AIS contain? The new AIS shall include extra information about
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