Ajay R. Singh, Advocate

Greetings!

The CBDT has informed that the Income Tax Department has introduce new functionality in its Annual Information Statement (AIS) on the Income Tax Portal with the aim of enhancing transparency and convenience for tax payers.

One key feature of the AIS roll out is that it enables tax payers to track the status of the information confirmation process. Individuals who have overpaid taxes can only claim a refund by accessing the AIS portal while filing their ITR. This online platform streamlines the process by handling prepaid taxes, with tax payers only needing to verifying the details before submitting their ITR. This will streamline the refund process and serve as a comprehensive source of date on taxes paid through TDS ad TCS. By providing a tax payer’s income and taxes, the AIS aims to promote voluntary compliance and transparency.

Now considering the updated information already available on portal tax payers needs to log into the AIS and review the information that is reported in their ITR before filing. This will simplify the tax filing process and eliminate rectification process.

In the coming years the manner of filing tax returns and accounting system will undergo a major change.

In the another development, the Supreme Court in Shaji Poulose v. Institute Of Chartered Accountants Of India – [2024] 162 taxmann.com 685 (SC) upheld a rule issued by ICAI (guidelines No. 1 – CA./ (7)/02/2008 and subsequent amendments that limits Chartered Accountant a maximum of 60 tax audit assignments per Financial year. The Court decided that this rule will be effective from 1/4/2024, nullifying any related disciplinary actions taken before this date.

As summer is on its peak and 5th phase of Lok Sabha Election is done, one can start looking for some hill stations to enjoy vacations with friends and family. While visiting hill station one should appreciate and educate the younger generation importance of environment, the natural diversity of the place, cultural and history of the place.

This month articles contain some important issues dealt by senior in our profession which are worth reading. I on behalf of AIFTP thank all the authors for their contribution.

Ajay R. Singh

Editor