Finance

The Income Tax Department has made available a new statement for taxpayers, which contains more information regarding financial transactions of taxpayers than the existing Form 26AS which can significantly ease the income tax return (ITR) filing process for them. 

The new statement known as Annual Information Statement (AIS) is a comprehensive statement and provides additional information linked to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information and other such transactions so that the taxpayer does not miss out on reporting any such transaction in his/her ITR. 

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Finance

Many of us would remember having been scared watching the 1997 Hollywood blockbuster, I know what you did last summer.

While the mystery movie and its sequels, I still know what you did last summer and I’ll always know what you did last summer, had we scared out of our wits, it is now time to be really frightened and petrified, if you have earned income in India and have not filed your return of Income.

The Income Tax department, through its non-filer monitoring system, has identified about 13.7 million people with potential tax liabilities who have not filed their return of income.

In plain and simple words, it means, they know what you did last year.

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