Latest news with #AIS


Time of India
9 hours ago
- Business
- Time of India
How to download AIS, TIS for ITR filing FY 2024-25 (AY 2025-26)
What is the Annual Information Statement (AIS)? Academy Empower your mind, elevate your skills How to download the Annual Information Statement? What is Taxpayer Information Summary (TIS)? What does it contain under AIS? How to view and download Taxpayer Information Summary (TIS)? Information Category Value processed by system Value accepted by taxpayer Part through which information received Information Description Information Source Amount Description Amount (Reported by Source, Processed by System, Accepted by Taxpayer) What is the AIS Consolidated Feedback file? Is there any limit on the number of times I can modify a given feedback? Before submitting your Income Tax Return (ITR), you should have a thorough understanding of your financial activities as reported to the Income Tax Department . The Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) provide a consolidated snapshot of your income and financial data. These tools not only improve transparency but also help ensure your return is accurately pre-filled, reducing the chances of mismatches or notices from the tax how you can access and download your AIS and TIS from the Income Tax Information Statement (AIS) is an extended version of Form 26AS. AIS gives a comprehensive view of information for a taxpayer displayed in Form 26AS. AIS displays complete information to the taxpayer with a facility to capture online feedback. AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information).You can download the AIS functionality by following below mentioned steps:Step 1: Login to URL 2: After logging in, click the Annual Information Statement (AIS) menu on the 3: Click on Proceed button which will redirect to AIS portal and click on AIS tile to view the Annual Information 4: Click on Download optionAlternatively,Step 1: Login to URL 2: After login, click the e-File 3: Click on Income Tax Return > View 4: Click on proceed button which will redirect to AIS portal and click on AIS tile to view the Annual Information Statement and click on download can download Annual Information Statement (AIS) in PDF, JSON, CSV file Information Summary (TIS) is an information category wise aggregated information summary for a taxpayer. It shows value processed by the system (i.e. value generated after deduplication of information based on pre-defined rules) and value accepted by taxpayer under each information category (e.g. Salary, Interest, Dividend etc.). The information accepted by taxpayers in TIS will be used for pre-filling of return, if read: What is Form 26AS, AIS and TIS in income tax? Step 1: Login to URL 2: After login, click the Annual Information Statement (AIS) menu on the 3: Click on Proceed button which will redirect to AIS portal and click on TIS tile to view the Taxpayer Information will be shown various details within the Taxpayer Information Summary such as,Further, within an Information Category, following information is shown:Important FAQsAIS Consolidated Feedback file (ACF) gives the taxpayers a facility to view all their AIS feedback (other than feedback, 'Information is correct') related information in one pdf for easy understanding. After submitting the feedback of the AIS, you can download the AIS consolidated feedback file (PDF).Currently, there is no limit on the number of times you can modify previously given feedback.


Mint
11 hours ago
- Business
- Mint
ITR filing: How to correctly report capital gains, CGAS withdrawal, buybacks
NEW DELHI : The income tax department has finally released the utilities for income tax return (ITR) forms 2 and 3, allowing individuals with capital gains, cryptocurrency investments, and business income to file their tax returns for 2024-25. Because of the delay in releasing these forms, the Central Board of Direct Taxes (CBDT) has extended the ITR filing deadline for the current assessment year from 31 July to 15 September. However, despite the extension, both taxpayers and tax professionals are facing significant difficulties due to the delay, said Prakash Hegde, a Bengaluru-based chartered accountant. Currently, only the offline Excel utilities for forms 2 and 3 are available, which means those who prefer filing their returns online will have to wait further. 'Many taxpayers, especially senior citizens and non-residents, are eager to file their returns to claim refunds. Tax professionals, meanwhile, are trying to shift focus to audit cases, whose deadline is 30 September, but are still catching up on pending ITR filings," Hegde noted. Even if you file ITR online, preparing your tax return based on the offline utilities would help. 'Taxpayers can download the latest utility and review the instructions for each schedule carefully to ensure they are well prepared," said Bhawna Kakkar, chartered accountant and founder, Kakkar & Co., Chartered Accountants. More disclosures Ashish Karundia of Ashish Karundia & Co. said the key changes are bifurcation of capital gains made before and after 23 July, capital loss on buyback transactions done after 1 October 2024, increase in the filing mandate of Schedule AL (assets and liabilities) to ₹1 crore, enhanced reporting of deductions such as house rent allowance, 80C, etc., and Schedule TDS (tax deducted at source) mapping with TDS sections. 'Unlike last fiscal, each TDS entry must include the section under which tax was deducted," said Karundia. The newly introduced TDS section code in Schedule TDS is prefilled in the latest ITR forms from details in Form 26AS and the annual information statement (AIS), said Alok Agrawal, partner, Deloitte India. 'However, taxpayers can manually edit the code from the options listed in the dropdown, if required. This requirement of quoting section code has been introduced to reduce mismatches and streamline the reconciliation process with Form 26AS and the AIS, for cases where the same payer has deducted tax under two different provisions of the law," he said. Kakkar pointed out that more details about home loans are also required to claim interest on them under Income from House Property. 'For instance, the sanction date is to be filled, which would require the sanction letter. But, the amount disbursed, and not sanctioned, is also to be disclosed, so you need the loan statement as well. Similarly, other details like balance as of 31 March and interest on loan too need a loan schedule and statement for accurate reporting." Apart from more disclosures, capital gains made before and after 23 July 2024 have to be reported separately. Reporting capital gains Equity assets sold on or before 23 July 2024 will be taxed at 20% for short-term capital gains (STCG) and 10% for long-term capital gains (LTCG). However, for those sold after this date, the LTCG rate is 12.5%. Kakkar said the ITR utility provides distinct sections or sub-schedules for these periods, ensuring accurate tax rate application on eligible capital gains. LTCGs from stocks and mutual funds are to be reported scrip-wise, but the information is not pre-filled in the forms this time either, so taxpayers will need to either manually fill in the data or upload a comma-separated values (CSV) file. 'At the time of advance tax calculations, we noticed that brokers are already giving statements classifying them into these two periods. So, reporting the transactions separately should not be a challenge," Kakkar said. STCGs on equity don't require scrip-wise details, and instead only the total sale amount and cost of acquisitionshould be mentioned. For property sales done after 23 July, sellers can choose between two methods to calculate LTCG tax: The new flat rate of 12.5%, without the benefit of indexation on the cost of acquisition, or the old rate of 20%with the indexation benefit. This gives sellers the flexibility to pick the option that results in a lower tax outgo. Most sellers would have already decided this while calculating advance tax, so reporting in the ITR form should be done accordingly. CGAS withdrawal after 23 July The requirement to split capital gains reporting also extends to unutilized amounts withdrawn from the Capital Gains Account Scheme (CGAS), where taxpayers temporarily park capital gains intended for reinvestment in property to claim benefits under Section 54 and Section 54F. In the updated ITR forms, a separate column has been introduced to indicate whether such withdrawals occurred before or after 23 July 2024. The forms have also clarified that funds withdrawn after 23 July will be taxed at the new 12.5% rate, though experts believe this may not be correct. Sonu Iyer, partner and national leader, people advisory services-tax, EY India, explained that the unutilized balance in the CGAS is deemed to be LTCG in the year in which the limitation period expires. 'Section 112(1)(a)(ii) says that LTCG should be taxed at 20% for any transfer that takes place before 23 July 2024 and 12.5% for any transfer that takes place on or after 23 July 2024. The date of transfer here should be construed as the date of transfer of the original property. Hence, the withdrawal from CGAS per se does not result in transfer," said Iyer. "So, the 12.5% tax rate applied by the excel utility appears to be a deviation from the technical position, as the tax rate should not be the date of withdrawal or expiry of the CGAS period and rather is based on the original date of transfer, which should make the tax rate 20% in this case," she added. Share buyback loss provision A new feature in Schedule CG of ITR-2 and 3 forms addresses the treatment of share buyback transactions. Following 1 October 2024, the tax responsibility for share buybacks by listed companies has shifted. Shareholders can now claim a capital loss on such buybacks, provided the income from the buyback is correctly reported as dividend income. 'In effect, the ITR form expects the sales consideration to be shown as nil in the capital gains schedule since the company already paid buyback tax and the equivalent amount to appear as taxable income elsewhere. This dual disclosure will activate the allowable loss," Kakkar explained. Earlier, individual taxpayers had no way to claim losses from share buybacks, as the entire tax treatment was handled at the company level. With the new rules, eligible taxpayers can now use these buyback-related losses to offset capital gains, which may help lower their overall tax liability. 'Taxpayers will need to be diligent in linking their buyback entries across schedules to avail the benefit correctly," Kakkar said.


News18
17 hours ago
- Politics
- News18
'Purpose Over Popularity': Kiran Bedi Cautions Bureaucrats On Social Media Glorification
Last Updated: Speaking to CNN-News18, Kiran Bedi shares her insights, highlighting the underlying responsibilities and potential pitfalls for officers in this digital age. In an era dominated by social media, the trend of All India Services (AIS) officers actively promoting themselves on platforms like Instagram, X (formerly Twitter), and YouTube is becoming increasingly prevalent. Last month, a high-level meeting raised urgent concerns about AIS officers misusing social media for self-promotion, needing immediate redressal. Speaking exclusively to CNN-News18, Kiran Bedi, first woman IPS officer, shares her insights, highlighting the underlying responsibilities and potential pitfalls for officers in this digital age. Bedi emphasises the need for AIS officers to prioritise responsibility, restraint, and the larger societal good over personal gain. She discusses the importance of maintaining the values of neutrality, humility, and institutional loyalty, especially in the context of social media. She also addresses the current inadequacies of service rules in managing the complexities of digital engagement and offers recommendations for ensuring that officers' online presence aligns with their constitutional mandate. Q: What is your view on the increasing trend of AIS officers actively promoting themselves on platforms like Instagram, X (formerly Twitter), and YouTube? Kiran Bedi: In today's world, self-promotion is almost inevitable. We live in a time of heightened visibility, intense competition, and a pervasive fear of missing out (FOMO). However, once we enter public service—particularly the All India Services—our role shifts from self to society. Public service demands responsibility, restraint, and a deeper understanding of our purpose. The focus must be on causes, not individuals. This is a realization that must come from within. Officers who cross red lines may not see the immediate consequences, but over time, it can erode credibility and hurt them professionally. Ultimately, it's a personal choice, but one that carries long-term implications. Kiran Bedi: Social media may be deleted, but it is never erased. That's a crucial point to internalize. The values of neutrality, humility, and institutional loyalty are central to public service. Training and reflection at various stages of one's career can reinforce these values. Officers must constantly introspect: Are they upholding the dignity of their office, or are they diluting it for personal image-building? Q: How does excessive social media use potentially affect the discipline, efficiency, and impartiality expected from AIS officers? Kiran Bedi: There must be a clear distinction between purpose and promotion, cause and ego. Restraint, caution, and integrity are non-negotiable. Officers must be mindful of the intent behind their posts. If the intention is noble, the message can stand on its own merit. But if it is driven by self-interest, it quickly becomes unethical and irresponsible. The system relies on impartiality and discipline, both of which can be compromised by reckless digital behaviour. Q: Have current service rules and association guidelines (e.g., AIS Conduct Rules) proven adequate in addressing this issue? Kiran Bedi: The existing rules are outdated and not fully aligned with the complexities of today's digitally connected public sphere. They require a reset. Public service now involves not just governance but communication and collaboration with citizens. There's a thin line between the 'right to know" and responsible public engagement. The rules must evolve to recognize this shift—while reinforcing maturity, discretion, and institutional decorum. Kiran Bedi: All digital engagement must be linked to a cause and the larger goal of public welfare. The priority is to earn and maintain the public's trust. Messaging should instil hope, create understanding, and demonstrate accountability. Officers must use digital platforms to educate, empower, and address grievances—not to seek applause. The communication must serve the people, not the ego. Q: Do you believe social media is being misused to build a public image for political, commercial, or career benefits, and if so, how should this be curbed? Kiran Bedi: Yes, especially when posts are sponsored or designed to build a brand around an officer. Paid promotion is transactional—and the public sees through it. It often backfires and ends up being a waste of credibility and public money. Restraint in spending and credibility in communication are key. Officers should ask: Is this message informative? Or is it marketing without substance? If it's the latter, it violates the spirit of public service. Q: How can young officers be encouraged to use digital platforms constructively—for public awareness, transparency, and grievance redressal—without falling into self-glorification? Kiran Bedi: By grounding themselves in their core values: responsibility, humility, and empathy. If young officers stay true to their conscience and remain committed to public service, their communication will naturally reflect purpose over pride. Their role is transformational, not transactional—even in a system where job security and visibility can tempt them towards self-promotion. A sense of purpose, not popularity, must guide their digital presence. Get breaking news, in-depth analysis, and expert perspectives on everything from politics to crime and society. Stay informed with the latest India news only on News18. Download the News18 App to stay updated! tags : kiran bedi social media view comments Location : New Delhi, India, India First Published: July 14, 2025, 10:23 IST News india 'Purpose Over Popularity': Kiran Bedi Cautions Bureaucrats On Social Media Glorification | Interview Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.


Express Tribune
3 days ago
- Politics
- Express Tribune
'All Crew Muslim': ships look to dodge Red Sea attacks with messages
Commercial ships still sailing through the Red Sea are broadcasting messages about their nationality and even religion on their public tracking systems to avoid being targeted by Yemen's Houthis after deadly attacks this week by the militia. The Red Sea is a critical waterway for oil and commodities but traffic has dropped sharply since Houthi attacks off Yemen's coast began in November 2023 in what the Iran-aligned group said was in solidarity with Palestinians in the Gaza war. The group sank two ships this week after months of calm and its leader Abdul Malik al-Houthi reiterated there would be no passage for any company transporting goods connected to Israel. In recent days more ships sailing through the southern Red Sea and the narrow Bab al-Mandab strait have added messages to their AIS public tracking profiles that can be seen when clicking on a vessel. Messages have included referring to an all-Chinese crew and management, and flagging the presence of armed guards on board. "All Crew Muslim," read one message, while others made clear the ships had no connection to Israel, according to MarineTraffic and LSEG ship-tracking AIS data. Maritime security sources said this was a sign of growing desperation to avoid attack by Houthi commandos or deadly drones — but they also thought it was unlikely to make any difference. Houthi intelligence preparation was "much deeper and forward-leaning", one source said. Vessels in the broader fleets of both ships attacked and sunk by the Houthis this week had made calls to Israeli ports in the past year, shipping analysis showed. Maritime security sources said even though shipping companies must step up due diligence on any tangential link to Israel before sailing through the Red Sea, the risk of attack was still high.


Indian Express
3 days ago
- Politics
- Indian Express
‘All Crew Muslim': ships look to dodge Red Sea attacks with messages
Commercial ships still sailing through the Red Sea are broadcasting messages about their nationality and even religion on their public tracking systems to avoid being targeted by Yemen's Houthis after deadly attacks this week by the militia. The Red Sea is a critical waterway for oil and commodities but traffic has dropped sharply since Houthi attacks off Yemen's coast began in November 2023 in what the Iran-aligned group said was in solidarity with Palestinians in the Gaza war. The group sank two ships this week after months of calm and its leader Abdul Malik al-Houthi reiterated there would be no passage for any company transporting goods connected to Israel. In recent days more ships sailing through the southern Red Sea and the narrow Bab al-Mandab strait have added messages to their AIS public tracking profiles that can be seen when clicking on a vessel. Messages have included referring to an all-Chinese crew and management, and flagging the presence of armed guards on board. 'All Crew Muslim,' read one message, while others made clear the ships had no connection to Israel, according to MarineTraffic and LSEG ship-tracking AIS data. Maritime security sources said this was a sign of growing desperation to avoid attack by Houthi commandos or deadly drones – but they also thought it was unlikely to make any difference. Houthi intelligence preparation was 'much deeper and forward-leaning', one source said. Vessels in the broader fleets of both ships attacked and sunk by the Houthis this week had made calls to Israeli ports in the past year, shipping analysis showed. Maritime security sources said even though shipping companies must step up due diligence on any tangential link to Israel before sailing through the Red Sea, the risk of attack was still high. In March 2024, the Houthis hit the Chinese-operated tanker Huang Pu with ballistic missiles despite previously saying they would not attack Chinese vessels, the U.S. Central Command said. The Houthis have also targeted vessels trading with Russia. 'Despite declared ceasefires, areas such as the Red Sea and Bab al-Mandab Strait remain designated high-risk by underwriters,' insurance broker Aon said in a report this week. 'Ongoing monitoring and adaptive security measures are essential for ship operators.' The insurance cost of shipping goods through the Red Sea has more than doubled since this week's attacks, with some underwriters pausing cover for some voyages. The number of daily sailings through the strait, at the southern tip of the Red Sea and a gateway to the Gulf of Aden, was 35 vessels on July 10, 32 vessels on July 9, down from 43 on July 1, Lloyd's List Intelligence data showed. That compares with a daily average of 79 sailings in October 2023, before Houthi attacks began. 'Seafarers are the backbone of global trade, keeping countries supplied with food, fuel and medicine. They should not have to risk their lives to do their job,' the UK-based Seafarers' Charity said this week.