Latest news with #AnnualInformationStatement
Mint
4 days ago
- Business
- Mint
Income Tax: Why is trusting AIS blindly not a great idea? This is what taxpayers can do
The income tax return (ITR) filing deadline on September 15 is drawing closer. Taxpayers are supposed to access necessary information through a multitude of documents, including Form-16, 26AS and Annual Information Statement (AIS). While 26AS includes information related to TDS (tax deducted at source) and TCS (tax collected at source), all other details pertaining to the taxpayer are reflected in the Annual Information Statement. However, taxpayers are recommended to examine the information given on AIS carefully and cross-verify it with other related documents. Annual Information Statement provides complete information about a taxpayer for a particular financial year. It entails information about taxpayers' incomes, financial transactions, and tax details, among others. AIS can be accessed by logging into income tax e-filing account or through the mobile app 'AIS for Taxpayer'. There could be occasions where the information recorded in AIS is different from the actual figure. The Income Tax portal ( states that in case the information given in AIS is wrong, duplicated, or pertains to someone else, taxpayers can share their feedback on it. Pratibha Goyal, a Delhi-based chartered accountant, highlights a few cases that she encountered while filing returns for her clients. There was a case, she told Livemint, wherein a mother-son duo sold a joint property for less than ₹ 50 lakh. 'The buyer in that case had reported the transaction as a sale from the son only. So, TDS in the mother's AIS was not shown. As a result, this had to be taken note of while filing the income tax return,' she said. In another case, Goyal mentions, a sale of securities was written twice. One of the most feasible ways to rectify the mistake is to cross-verify information with that on a related document. Goyal recommends that taxpayers reconcile the information with that on the related document. For instance, if it is related to interest received from a bank, then instead of relying on the AIS alone, the taxpayer can cross-check the information against the certificate issued by the bank. A taxpayer can access details related to AIS and submit their response (if needed) by logging into their income-tax e-filing account, according to the information available on the I-T portal. For all personal finance updates, visit here
Indian Express
6 days ago
- Business
- Indian Express
CBDT Chairman interview: To nudge taxpayers, I-T dept tracks online visits and filters PANs
FROM TRACKING the number of online visits of users on its portal to flagging high-value transactions and filtering out PANs involved in wrongful claims, the Income Tax Department is now leveraging artificial intelligence to identify patterns in taxpayer behaviour. For instance, repeated online access to Annual Information Statement, which is a detailed summary of a pre-filled Income Tax Return, could point to a tax return that needs to be filed, but is not being filed. Or, it is just possible that the taxpayer is unable to file returns correctly despite multiple attempts. The I-T Department can use this information to intervene and help the taxpayer. The idea is to progressively create a 360-degree profile of taxpayers' transactions and identify patterns and nuances in the filing of tax returns, said Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal in an interview to The Indian Express. The department is a repository of rich data — as many as 40 crore AIS were generated from an estimated 650 crore financial transactions in the last financial year. Based on AI-linked data analysis, the Department is of the view there is scope for improvement in the total number of returns being filed. While nine crore returns were filed by taxpayers last year, about 7.42 crore taxpayers are recorded as having viewed their AIS, returning as many as 3.5 times on an average to see their statements. AI is also helping raise 'red flags' in high-value transactions, but where returns are not being filed or the taxpayers are repeatedly committing a mistake in filing tax returns, prompting the Department to consider whether the taxpayer requires a 'harder nudge', Agrawal said. The use of AI has also shown that there were gaps, and sometimes offered pointers to cases where the deductions and the exemptions that were claimed were not correct. 'On an average, taxpayers visited about 3.5 times to see their AIS. This means the visits to see their AIS, in aggregate, was 24 crore times. This becomes a reference point for the taxpayer to see their ledger and take a call on what tax is to be paid and whether advance tax has to be paid or not. This means there is a wide acceptance of the information and the ledger in the form of AIS. 9 crore people are filing the returns, and you have more than about 40 crore AIS. So, there is a scope for further increase in the number of returns. On an average, taxpayers visited about three and a half times to see their AIS. That means the visits to see their AIS, in aggregate, was 24 crore times,' Agrawal said. The Income Tax Department has been taking measures for taxpayers to file returns correctly. In this direction, the Department on July 14 had initiated a large-scale verification operation across 150 locations in the country, targeting individuals and entities facilitating fraudulent claims of deductions and exemptions in ITRs that has resulted in identification of over 1.5 lakh PANs . 'This was basically an exercise in that direction. The taxpayer reports certain income, and while calculating their income, reports certain exemptions or deductions which are taken on face value and the system processes. But what we found through AI was that there were gaps, and they were really patterns that emerged, which reflected that the deductions and the exemptions that were claimed were not the correct deductions/exemptions. So, therefore, our pan-India exercise was undertaken to also flag and bring home the point that while we trust the taxpayer, but then at the same time, incorrect claims of deductions and exemptions is not acceptable,' he said. The CBDT Chairman said these actions were not specifically against the taxpayers but against the intermediaries or the facilitators who are misguiding the taxpayers. 'Those could be professionals or intermediaries. Through those, more than 1.5 lakh PANs have been identified. The exercise is still going on,' he said. For filing updated returns, 19,501 taxpayers were nudged based on data received under automatic exchange of information, which resulted in 62 per cent of them revising their returns and a total of 30,161 taxpayers declared foreign assets worth Rs 29,208 crore and foreign income of Rs 1,089 crore. Over Rs 9,000 crore were also identified to have been claimed in excess deductions under Section 80GGC. Nudging taxpayers through SMS and emails led to a reduction of Rs 963 crore in deductions and payment of Rs 409.50 crore in additional taxes as of June 18. Around 89 lakh updated ITRs have also been filed, generating Rs 9,577.06 crore in additional taxes as of June 18, 2025. The data analysis has led the department to flag gaps by sending mails to taxpayers. 'Whatever coordinates you have, you can inform. The second component is whosoever is filing the return, whether a correct return has been filed or not. In case, there is an obvious gap or something which needs to be flagged and from the taxpayer nudge him towards better compliance, and right compliance. And the third component is: if you find that the taxpayer is repeatedly committing a mistake, can there be a case of a harder nudge?' he said. However, the department is facing a roadblock as the email addresses provided for communications are turning out to be those of intermediaries or temporary. 'Since it is an end-to-end, e-enabled service that the Tax Department is providing, unless the taxpayer gives us the right coordinates of email and mobile, it becomes really very difficult for the department to correspond with the taxpayer,' he said. Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
India Today
7 days ago
- Business
- India Today
How a small AIS check can save you from a tax notice
It's tax season again and crores of taxpayers are getting ready to file their Income Tax Returns (ITR) for the financial year 2024–25 (assessment year 2025–26). But before you hit that 'Submit' button, here's one important step you shouldn't skip — checking your Annual Information Statement (AIS).The Income Tax Department has made the AIS a must-check document for every taxpayer. Unlike Form 26AS, which mostly shows details of tax deducted at source (TDS) and tax collected at source (TCS), the AIS gives a full picture of your financial activity. It includes income from your salary, savings interest, dividends, stock trades, mutual funds, high-value spends, and even money sent IT MATTERSIf you skip checking your AIS, you might end up missing some income details. This can lead to a mismatch between what you file and what the tax department already knows, and that can easily get you a notice later. By cross-checking your AIS, you make sure all the numbers match, avoiding unnecessary TO CHECK YOUR AIS It's simple. Log in to the Income Tax Department's e-filing website using your PAN or Aadhaar and on the 'Services' tab, find 'Annual Information Statement (AIS)' and hit 'Proceed'. You can also go to the 'e-File' menu, click 'Income Tax Return' and pick 'View AIS'.The AIS will show all reported income details. If you want to download it as a PDF, you'll need a password, your PAN in lowercase, followed by your date of birth in DDMMYYYY IF THERE'S A MISTAKE?Mistakes happen. But the good thing is you can fix them. The AIS has an option to give pick the transaction with the error, click the 'Optional' button, select the right feedback and submit it. You'll get a receipt, and any updates will show up in your Taxpayer Information Summary (TIS).Simply put, a quick look at your AIS today can help you file an error-free return and stay worry-free about tax notices later.- Ends
India Today
7 days ago
- Business
- India Today
7 Reasons Your Tax Refund Is Still Pending
7 Reasons Your Tax Refund Is Still Pending 21 Jul, 2025 Credit: Getty Claiming deductions like HRA or medical insurance without valid proof can stop your refund. If the tax office doubts your claim, they'll hold your refund and may ask for documents. Wrong Deduction Claims If the details in your tax return don't match your Annual Information Statement (AIS) or Form 26AS, your refund can be delayed until you fix the difference. Mismatch in ITR and AIS Data A simple mistake in your bank account number or IFSC code can stop your refund. Your account must also be pre-validated and linked on the I-T portal. Incorrect Bank Details If your bank account name does not match your PAN name — for example, in joint accounts or if there's a spelling mistake — your refund may get stuck. Bank Account–PAN Mismatch Sometimes, the refund is issued but doesn't reach you due to an inactive account, a changed IFSC code or incomplete KYC. In such cases, you need to raise a refund reissue request. Refund Issued but Not Credited If you owe tax from previous years, the department can adjust it against your refund. You'll get an email or SMS about this. Sometimes the full refund is used to clear dues. Tax Adjusted Against Dues If your return is selected for scrutiny or detailed checking, your refund will be kept on hold until the process is finished, which can take extra time. Return Under Scrutiny
Mint
22-07-2025
- Business
- Mint
Income tax 2025: Documents you must download before filing your return
As you are set to file your income tax return (ITR) for FY 2025, you are recommended to cross check the details given on key documents which can be downloaded on income tax portal (form 26AS) and provided by employer (form 16). Cross verifying details in these documents is recommended to avoid entering the wrong info as you file your tax return for FY 2024-25. 'It is advisable to first download the forms in pdf format from Income Tax Portal. There should not be any mismatch in data as per 26AS and TIS (taxpayer information summary),' says CA Pratibha Goyal, a Delhi based chartered accountant. 'One should also ensure not to blindly rely on the AIS data. For example, the sale purchase of shares should be matched with the data provided by your broker, and interest on deposits should be matched with what is shown bank interest certificate, and so on,' she adds. Annual Information Statement (AIS): This gives a comprehensive view of information which is displayed in Form 26AS. Taxpayers can share feedback on information displayed in AIS. It shows reported value as well as modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information). Form 26AS: This document includes consolidated Annual Information Statement for the entire year. It entails the details of Tax Deducted at Source (TDS), Tax Collected at Source (TCS), advance tax, self-assessment tax, regular assessment tax deposited apart from the refund received during a year. It also includes the details of any specified financial transactions (SFT), details of tax deducted on sale of immovable property under section 194 IA (in case of seller of such property), TDS defaults (if any), information relating to demand and refund and information relating to pending and completed proceedings. Form 16: It works as a proof that the employer has deposited tax deducted at source (TDS) with tax authorities. In other words, it is a TDS certificate issued by an employer to an employee. If there is a mismatch in TDS, the taxpayer should intimate the employer for deducting TDS from your income. Your employer or deductor is supposed to file a revised TDS return. Also, if there is other tax credit mismatch provided in the Income Tax Return by you, then you may file a revised tax return if you have not received an intimation under section 143(1); or you may file a request for rectification (if you have received an intimation under section 143(1). For all personal finance updates, visit here
