Income Tax Department Expands AIS to Include GST Returns, Overseas Investments

Summary

The Income Tax Department is expanding the Annual Information Statement (AIS) to include GST returns, foreign remittances for mutual fund investments outside banking channels, and off-market securities transactions, aiming to curb tax evasion. This move will also allow information from other taxpayers' ITRs and ongoing tax proceedings to be reflected in the AIS, making it harder for individuals and companies to evade taxes.