NEW CHANGE in AIS FOR ITR FILING ONLINE AY 2026-27 INCOME TAX LATEST UPATE
The Income Tax Department has introduced significant updates to the Annual Information Statement (AIS) that taxpayers must review before filing their ITR for AY 2026-27. Key changes include:
Partner Remuneration: Partners in firms will now see details of salary, remuneration, interest, and commission in their AIS due to the new 10% TDS under Section 194T. This must be reported under “Business & Profession” (Schedule BP) rather than the “Salary” head.
Luxury Goods Tracking: High-value purchases exceeding ₹10 Lakhs—such as luxury watches (over ₹1 Lakh), antique paintings, artworks, coins, stamps, yachts, helicopters, branded sunglasses, handbags, high-end footwear, and home theater systems—will now attract 1% TCS and appear in the AIS.
Compliance Tip: Taxpayers should wait until at least June 15th for the AIS to fully update and ensure they have all TCS certificates and bank statements ready to explain the source of funds for high-value transactions to avoid scrutiny notices.