Economy
Fiscal Policy the tax base is the total
amount of assets or revenue that a government can charge tax on.
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As an example, the assessed value is that
the tax base for property taxes and taxable income is that the tax base for
income tax.
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It can also be defined as the total of
taxable income, taxable assets, and the assessed value of property within the
government tax jurisdiction.
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Widening of text base mean that the people
who are filing returns should be much more.
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Last financial year, IT dept got a total
of 7.14 crore returns, which was much higher than the number we got the year
prior.
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AIS (Annual Information Statement) on 1st
November, 2021 Income Tax Department has rolled out the new AIS (Annual
Information Statement) on Compliance Portal which provides comprehensive view
of financial transaction done by taxpayer (i.e. PAN based transactions) in a
Financial Year at one place.
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This includes info relating to Interest,
Dividend, Business receipts, cash deposits/withdrawals, Sale/ Purchase of
Securities and units of mutual funds, investments in govt.
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Bonds, TDS / TCS, demand and refund, Sale
of land or building, foreign remittance information etc.
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Reported by various entities to the Income
Tax Department. AIS is an extensive view of information shown in Form 26AS.
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Along with AIS income tax department also
introduced TIS (Taxpayer info Summary).
TIS provide
summarised view of information provided in AIS for the taxpayer for ease of
return filling.
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