This detailed blog explores the significant evolution of Form 26AS into the more comprehensive Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). It breaks down the expanded scope of information, including various high-value financial transactions (SFT/AIR data) like property deals, mutual fund transactions, and cash movements, far beyond traditional TDS/TCS. The post emphasizes why these updates are crucial for enhanced transparency, simplified ITR pre-filling, proactive discrepancy identification, and reduced chances of scrutiny. It also provides clear instructions on how to access the new statements and actionable steps for taxpayers to ensure accurate reporting and compliance.

This blog gives a full summary of the most recent amendments to Income Tax Form No. 49C, including who must file it, the changes made, and how taxpayers may assure compliance with the new requirements.

This blog article gives a full summary of the Annual Information Statement (AIS) and Tax Information Summary (TIS) for Assessment Year 2024-25. It describes the important improvements and modifications implemented by the Income Tax Department, such as additional information fields and enhanced accuracy. The site also teaches readers how to obtain AIS/TIS, comprehend its importance, and use it efficiently for proper income tax reporting.

This update highlights the critical deadline for submitting the Statement of Financial Transactions (SFT). It emphasizes the importance of adhering to this deadline to comply with regulatory requirements.