Why Annual Information Statement (AIS) is important to check before e-filing of return for FY 2021 & onwars?
Income Tax Department on November 1, 2021 rolled out the Annual Information Statement (AIS) on its Income Tax Portal as a part of its “PROJECT INSIGHT”. Income tax Department initiated Project Insight focuses on three goals which are Promotion of voluntary compliance and avoid non compliances; Imparting confidence that all eligible persons pay appropriate tax; and promoting judicious and fair administration of tax.
In this article you will get information on what is AIS of Income Tax, types of transaction displayed in AIS, whether AIS displays correct information always, can information appearing in AIS be corrected and most important which Income Information appearing in AIS should be reflected in ITR.