Income Tax Return: Annual Information Statement provides information about financial transactions for a year. It is necessary for a taxpayer to get all the information of the Annual Information Statement and Income Tax Return together.
If you are also a Tax Payer then there is a big update for you. In the year 2021, the Income Tax Department launched the Annual Information Statement. Annual Information Statement provides information about financial transactions for a year. It is necessary for a taxpayer to get all the information of the Annual Information Statement and Income Tax Return together. If this does not happen, then a new problem may arise in front of the taxpayers.
What happens if the information is not received?
If you forgot to download Annual Information Statement while filing Income Tax Return this year. And if the information given in your ITR does not match with your annual information statement, then you may also have to face the notice of the department. For example, you have a bank account. Which closed two years ago. But you have not given this information in ITR. In such a situation, the annual information will show in the statement that you are earning interest from it. In such a situation, the Income Tax Department can demand additional tax from you.
However, if your information does not match then there is no need to worry too much.The Income Tax Department may ask you for detailed information on the entire issue.If all the details of return filing are correct, then taxpayers will not have to worry about anything.Let us tell you, in November 2021, the Annual Information Statement was launched by the Income Tax Department.
