GST returns, overseas investments, off-market stock deal come under AIS
The Income Tax Department is set to enhance its Annual Information Statement by incorporating additional data. This revision extends to GST returns, foreign remittances linked to mutual funds, off-market securities, and overseas investments. Furthermore, data from another taxpayer's income tax returns will be added, aiming to fortify the verification of income and transaction details for…
The Income Tax Department is expanding the data collected for taxpayers' annual information statements (AIS), now including Goods and Services Tax (GST) returns, foreign investments in mutual funds outside banking channels, and off-market securities transactions. This increased data pool aims to flag discrepancies during tax-compliance checks and reduce instances of tax evasion.
The department has also authorized the Director General of Income Tax (Systems) to upload relevant information from other taxpayers' income tax returns within three months of receiving it. This change enables the tax department to incorporate information from multiple sources, enhancing the accuracy of reported income. Additionally, taxpayers will have the opportunity to contest any incorrect or duplicated information within the income tax portal or through an offline utility.
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