Today Income Tax Department has announced rollout of a new statement - AIS (Annual Information Statement)
This will give u all details (well almost all!) about YOUR financial transactions during the year
This is a thread to tell u what it is and how do u get the AIS
(1/n)
First of all,
What is AIS (Annual Information Statement)?
You know earlier Income Tax used to give statement 26AS
AIS is a much detailed one - with many more details included - like your Savings Interest, all Mutual Fund txns during the year etc
(2/n)
Will 26AS be stopped?
a) Now you can get both 26AS and also AIS
b) Both put together, Income Tax department knows all your financial txns
c) And it's good as now you will find it very easy to know and submit details for your Income Tax returns
(3/n)
How to access my AIS?
a) Log in to your Income Tax account at incometax.gov.in
b) Go to Services Tab
c) Last option in this tab is the AIS option
Screenshot below
When u click on the AIS option in the above dropdown
it will open a new tab withbelow options
It has two options
a) Left side - Tax Information Summary (TIS)
b) Right side - AIS
Both are the same. TIS is a summary and AIS is the detailed statement. You can download both
When u download u get a pdf statement (There is json option also, but let's stick to PDF now)
PDF will be password protected
Password is ur PAN Number (in CAPITAL) + Date of Birth
EG: AABPN4678A if this is ur PAN and Date of birth is 28 Nov 1980
Pwd: AABPN4678A28111980
AIS captures all ur financial txns of last year
a) Interest u got (even of ur Savings Account)
b) Salary or Income
c) Mutual Fund Txns
d) Any Dividends
A snapshot of summary is shown below. Details are given in the pdf
Any Qs will be happy to answer
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Here is what FinMin told me why debt funds taxation was changed
a) Capital Gains taxation is provided when there is risk
b) Earlier debt mutual funds had both interest rate risk & credit risk
c) Most debt fund earlier fell in this category and hence got LTCG benefits
(1/n)
Now but scenario has changed
d) Debt Mutual Funds removed interest rate risk in FMPs some time back
e) Now MFs removed Credit Risk also in Bond Index Funds
f) Also they give an indicative return similar to FDs
g) Bulk of long term debt AUM collections are here now
(2/n)
i) Now as bulk of MF long term debt AUM is in products which hv no credit or interest rate risk and also gives "indicative" return which is pre-determined
j) MFs themselves changed nature of a market return product to no risk/fixed return product
An innovative way to invest in Start-ups - HDFC AMC Select AIF
Here is a thread 🧵with some answers on what this is and what you should know about it
If you have more Qs do let me know in comments and I will try to answer them for you
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First why Start-ups?
a)Value creation has shifted to private markets
b)Earlier cos used to get listed quite early in their journey in the markets
c)Hence u could participate early in the Wealth creation journey
(2/n)
d) Now with PE/VCs this has shifted back
e) And PE/VCs want a high valuation at listing
f) So long term IPO investors bear the brunt with such cos post listing eg: Paytm, Zomato
So if u want to invest in Start-ups it shud be ideally pre-listing. But risks here r high
a) A new one is the "Car" scam
b) You buy a new car
c) Data thru RTO is leaked to scamsters
d) They call - with all your details - and say they are calling from the Co.
e) Since they have all ur details, u believe them
(1/n)
f) They say the Car Co is offering you a Special Warranty
g) This warranty will cover all your maintenance, parts etc for the life time
g) It's a special one time offer for just Rs. 3000/- + GST (yes they GST, as they want to make it genuine)
h) If you agree....
(2/n)
h) They send u a link to make this payment for lifetime warranty
i) And yes, if u fall for it, and click the link... U have been suckered!
The key to remember is
a) Do not click on any link that u get
b) Even if person has all details, dont think it is genuine