Data sharing among authorities, taxpayers to improve I-T dept AIS: Deloitte

Deloitte India on Sunday said creating a seamless data exchange and establishing a framework for efficient data sharing among businesses, tax authorities and taxpayers would help improve the AIS functionality of the income tax department.

The Annual Information Statement (AIS) is a comprehensive view of financial information for a taxpayer, made available by the income tax department.

Information about the taxpayer relating to specified financial transactions such as cash deposit/ withdrawal from bank accounts, sale/purchase of immovable property, time deposits, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, buyback of shares, cash payment for goods and services etc.