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New Annual Information Statement: Does it make life simple or complex for taxpayers?
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financialexpress.comThe Income Tax Department recently rolled out the new Annual Information Statement (AIS) on the Compliance Portal. It is basically a tool providing a comprehensive view of all financial transactions by a taxpayer in a financial year. The new AIS also has a facility to capture online feedback.
The new AIS includes taxpayer’s information on interest income from savings account, recurring and fixed deposits, income from dividend, securities transactions including mutual funds, and remittances from abroad and more. To ease ITR filing, AIS also provides a simplified Taxpayer Information Summary (TIS), which shows the aggregated value for taxpayers.
A lot of taxpayers are, however, confused as to whether the new AIS will make their life simple or
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