I-T dept rolls out new AIS: How to download, what it means for taxpayers and other questions answered

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Income Tax department has recently rolled out a new annual information statement (AIS) on its portal that gives a simplified taxpayer information summary (TIS). The statement includes additional information related to interest, dividend, securities transactions, mutual fund transactions and foreign remittance information.

Here’s everything you need to know about this statement:

What exactly is Annual Information Statement (AIS)?

As we know, Income Tax department earlier used statement 26AS. However, AIS is a more detailed one with information on savings interest, all mutual fund transactions during the year, etc.

Does that mean 26AS will be stopped?

No, one gets both 26AS as well as AIS now.

“Both put together, Income Tax department will know all financial transactions of taxpayers,” said Manoj Nagpal, MD and CEO at Outlook Asia Capital.

How is AIS different from 26AS?

According to Shailesh Kumar, partner at Nangia & Co LLP, in comparison with Form 26AS, AIS is a more comprehensive single reference document for taxpayers which can also be modified by the taxpayer if he/she believes the information reported is incorrect.

How to access AIS?

In a series of tweets, Nagpal of Outlook Asia Capital mentioned these steps to access AIS:

a) Log into http://incometax.gov.in

b) Go to ‘Services’ tab

c) Last option on this tab is the AIS option. When taxpayers click on the AIS option in the dropdown, it opens a new tab with these options: 1. Tax Information Summary (TIS) (Left) and 2. AIS (Right). TIS is a summary of the statement while AIS is the detailed document.

One can download both. On downloading, one gets a PDF statement which is password protected. The password will be your PAN (in capital letters) + date of birth.

How can taxpayers use AIS?

Kapil Rana, Founder & Chairman, HostBooks Limited, said one can check the details available in the AIS while filing ITR. A simplified TIS shows aggregated value for the taxpayer for ease of filing return.

“The TIS shows the processed value and derived value (after considering taxpayer’s feedback). The derived information in TIS will be used for pre-filling of return (pre-filling will be enabled in a phased manner),” Rana said while talking to CNBC-TV18.

How will taxpayers benefit from the new AIS?

In an exclusive conversation with CNBC-TV18, Sandeep Sehgal, Director- Tax and Regulatory, AKM Global, said that is clear that the intention of the government through the new AIS is to make things simple for the taxpayers by providing them with a comprehensive view of all the transactions including critical ones that they undertake during the year with a facility to submit online feedback in case taxpayers feel that the information is incorrect, relates to other person/year, or is duplicate etc.

The number of people furnishing income-tax returns, Sehgal said, has seen an increased trend already and steps like these by the government would motivate more taxpayers to file their taxes and do all the compliances on time.

“Overall, it would benefit both the government and the taxpayers,” he said.

What factors should taxpayers keep in mind while using AIS?

AIS includes details over and above TDS, TCS but it only captures the information available to the Income Tax department. It contains details relating to most of the financial transactions during the financial year but it does not mean that these details are taxpayer’s income, Rana said.

He said that the information cannot be missed while filing ITR which may attract legal actions and penalties in future.

“Taxpayers need to be careful while filing ITR. AIS information cannot be missed and other relevant details which are not covered in the AIS shall also be reported in the ITR. Government also suggested that if information provided in the AIS and information available in the form 26AS has variation then taxpayer may refer form 26AS details,” he said.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

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Ether scales $4,600 to record high, bitcoin trails

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ether, the world’s second-largest cryptocurrency, hit an all-time high on Wednesday, catching up with bitcoin’s rally and riding on news of wider blockchain adoption.

The ether token, which underpins the ethereum blockchain network, rose to as high as $4,643 in Asian hours, breaching the previous day’s $4,600 and taking the week’s gains to more than 10%.

In the days since bitcoin, the world’s largest cryptocurrency, hit its record high of $67,016.5 on Oct. 20, other tokens on the base layer of blockchain networks, known as Layer 1 networks, have gathered momentum.

Bitcoin (BTC) was trading around $63,078 and is up about 117% this year, while ether is up six-fold.

“Since the market reversal at the end of September, ether’s strength has been moving in stride with BTC and other majors,” said Ryan Rabaglia, managing director and global head of trading at digital asset platform OSL.

“Ethereum has been the clear winner of the Layer-1s for what we believe will be a substantial shift in a potentially prolonged market sentiment uplift. Ethereum will also continue to play a major role in the NFT and metaverse ecosystem build out,” he said.

The steady stream of news on cryptocurrency adoption by banks, growth of non-fungible tokens on virtual gaming platforms, launch of bitcoin futures-based U.S. ETFs and a need among investors for diversification in an uncertain interest rate environment have pushed several blockchain tokens, including bitcoin and ether, higher since October.

Smaller tokens too have seen rising interest after Facebook Inc rebranded itself into Meta to focus on building the “metaverse”, a shared virtual environment.

Australia’s largest bank, Commonwealth Bank of Australia, said on Wednesday it will become the country’s first to offer retail clients crypto services.

According to digital assets researcher CryptoCompare, assets under management (AUM) in digital investment products rose 45.5% in October to a record high of $74.7 billion. The total AUM for bitcoin-based products grew 52.2% to $55.2 billion, while ethereum-based funds AUM increased 30% to $15.9 billion, record highs for both categories.

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Netflix to offer mobile games to subscribers on Android devices

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Netflix is rolling out mobile games globally on its platform for members with Android devices, a move aimed at further enhancing engagement as the competition in the content streaming space heats up. The company is starting with five mobile games – Stranger Things: 1984 (BonusXP), Stranger Things 3: The Game (BonusXP), Shooting Hoops (Frosty Pop), Card Blast (Amuzo & Rogue Games), and Teeter Up (Frosty Pop). “…We’re excited to take our first step in launching Netflix games on mobile to the world. Starting today, members everywhere can play five mobile games… We want to begin to build a library of games that offers something for everyone,” Netflix said in a blogpost.

Users will need a Netflix subscription and there are no ads, no additional fees and no in-app purchases. The mobile games are currently available on Android devices. When users log into their Netflix profile, members on an Android mobile phone will see a dedicated games row and games tab where they can select any game to download, while those on Android tablets will either see a dedicated games row or be able to select games from the categories drop down menu to download and play. The mobile games are available in many of the languages Netflix offers on service, so the games will automatically default to the preference set in the user’s Netflix profile. If the language is not yet available, games will default to English, the blog said.

“We know how important child safety is to the parents, caregivers and guardians on our service. So these games are not available on kids profiles. If you’ve set up a PIN to prevent kids from having access to adult profiles, that same PIN will be required in order to log in to Netflix and play the game on a device,” it added.

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Varun Beverages sees strong demand; opts for lightweight PET bottles to tackle raw material inflation

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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“As the market is opening up, we are seeing a strong demand coming in, much stronger than our pre-pandemic times,” said Ravi Kant Jaipuria, Chairman at Varun Beverages, in an interview with CNBC-TV18.

He believes that on-the-go market has started picking up whereas in-home consumption has stayed pretty strong.

“Both in-home as well as on-the-go market, both have picked up quite significantly and the festive season is looking very promising,” he said.

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“Now you are seeing both sides’ consumption happening, which is great for QSR (quick service restaurants) and soft drinks,” he stated.

Varun Beverages posted its Q3CY21 earnings. Profit after tax (PAT) is up 60 percent but margin is under pressure owing to high global PET prices.

The company has mitigated its gross margin by light weighting its PET bottles, which will help the company in the long run, he noted.

“We see strong margins being maintained and our volumes are looking very good,” he said.

Also Read: EaseMyTrip says margins to improve as discounts ease off

Geographical territories are demarcated for both Sapphire Foods India and Devyani International.

“Our territories are clearly demarcated. In Devyani International, we have four brands whereas Sapphire has two brands, which is KFC and Pizza Hut,” he said.

Market is growing at a huge pace, both the companies are expected to do well. “We have enough room and enough scope to grow,” he mentioned.

The company is looking at more than double digit growth, which will be very healthy for both the businesses.

For the full interview, watch the accompanying video.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Got both doses of Covaxin? You can now travel to these countries; conditions apply

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A technical committee of the World Health Organisation (WHO) will meet on Wednesday to consider granting made-in-India COVID-19 vaccine Covaxin emergency use authorisation.

The advisory group, an independent panel, provides recommendations to WHO on vaccines that can be listed for emergency use. On October 26, the committee had sought additional clarifications from Covaxin manufacturer Bharat Biotech to carry out the risk-benefit assessment of the vaccine for global use.

Till now, the WHO has approved six vaccines for global use. These are AstraZeneca’s Covishield, Pfizer/BioNTech’s Comirnaty, Johnson & Johnson’s vaccine Janssen, Sinopharm’s BBIBP-CorV, Sinovac’s CoronaVac and Moderna’s mRNA-1273.

Even though Covaxin has not received WHO’s approval so far, several countries have recognised the vaccine. Thus, People who have taken both doses of Covaxin are can travel to these countries:

Australia: Australia recognised the Indian vaccine for travel to the country. A media release from the Australian government said Covaxin and Sinopharm’s BBIBP-CorV would be ‘recognised’ as a traveller’s vaccination status. “This recognition is for travellers aged 12 and over who have been vaccinated with Covaxin and those 18 to 60 who have been vaccinated with BBIBP-CorV,” the release said.

Mauritius: The Mauritius government allows Indians fully vaccinated with Covaxin to travel to the island nation, 14 days after receiving the second dose. However, travellers will have to get a negative COVID-19 RT-PCR test result 3-7 days before travelling from India.

Oman: Oman allows Indians who have received both doses of Covaxin to travel to the country after 14 days of receiving the second shot. The approval of Covaxin means Indians who have taken the vaccine will no longer be required to serve a 14-day quarantine. Earlier, Oman allowed only those who had taken Covishield to travel without quarantine.

Iran: Iran has also approved Covaxin but travellers are required to carry negative RT-PCR test reports. A traveller needs to undergo quarantine for 14 days for not carrying a negative RT-PCR test report.

Philippines: Another country that allows travellers with Covaxin is the Philippines. Travellers need to be vaccinated at least 14 days before leaving India.

Nepal: Nepal allows Covaxin beneficiaries to travel to the country with the vaccine certificate after 14 days of taking the second shot.

Apart from these countries, Mexico, Sri Lanka, Greece, Estonia, Zimbabwe, Guyana and Paraguay also allow travellers who have been administered Covaxin to visit their country.

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Sitting on cash, exiting market early biggest mistakes; positive on realty, spirit stocks: Shankar Sharma

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shankar Sharma of First Global, is of the clear view that it is not the time to be sitting on cash. In fact it could turn out to be a big mistake.

“There is a huge risk in the markets and I will tell you what that is. It is that you can exit too soon. That is to my mind the biggest risk that we as investors must confront. There are times during which the risk in the markets might fall and therefore you will be left holding stocks that are going to fall and then there are markets in which the risk is exactly the opposite, that you might have sold too soon and therefore, you are sitting on cash and you don’t have enough stocks. We are in that category of risk right now that we can all become excessively conservative and therefore take significant money off the table and that would probably be the worst thing you can do at this stage of the market. That is the risk of the market that you exit too soon,” Sharma said, in an interview with CNBC-TV18.

Sharma further explained, “We are in the phase of the market, which if we go back to 2004-2005-2006, pretty much everything rallied, meaning, even commodities had a very big boom and so did the entire equity pack, although emerging markets did better than developed and since interest rates were trending down, bonds also did well. So, it was one of those market situations in which every asset class did well including real estate, gold. We are in a somewhat similar situation in which if you are buying a home, you are going to make money or if you are buying crypto, you are making money and if you are buying stocks, you’re making money. So, you are just spoilt for choice and therefore the wise thing here right now is not to sit on cash.”

“The wise thing here is to have adequate exposure to the various segments of the investable universe, which means equities, real estate, crypto, all of them are in a phase where it is hard to lose 30-40 percent on an aggregate portfolio, and I don’t see that happening. Therefore, the next trigger for the market is simply that we will wait for whatever the FOMC comes out with or whatever commodities do, but remember, all that is noise. The trend is just so solidly up, you might have a one-day correction or a one-week correction, maybe a one-month correction but I don’t think these are durable corrections to really take cash off the table,” said Sharma.

According to him, markets fall only if there is an unknown risk coming forward, just like coronavirus, back in March 2020. It came without a warning and no one could have guessed it when the year commenced.

“Markets do not fall because of known risks, markets fall because of unknown risks. I don’t think there is much out there as of right now that tells me there is a massive risk that we are all ignoring,’ said Sharma.

Talking about some of his investments like CG Power, Sharma said that it has been one of the best stocks he has bought in his life. It has made more money in a fairly short period of time. “Last year when I bought it, it was in mid-teens, or something like that and at every level, I did consider selling but at every level, it has doubled, so right from Rs 15 it is almost a 10 bagger in less than a year’s time.”

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“I like to take big risks of this kind, wherein things are adding a lot of trouble. In this case, there was a takeover by a much-respected group but you will find different kinds of events happening that make cheap stock become expensive like CG Power and there are a few others that I have bought and all of them share similar characteristics,” he said, adding that one has to take that risks in a calibrated manner.

Also Read: Kotak AMC expects banking rally; bets on industrials, home improvement sectors

With regard to his investment in Radico Khaitan, he said, “It has been a more recent bet and some of the other themes have been real estate, spirit stocks and innerwear stocks- so all those stocks which were really in some senses unloved in the last 15-months’ time are where the big money has been made instead of pharma, FMCG, which generally afford you a fair amount of alpha without too much of stress; those stocks haven’t done well. So you just need to keep seeing what is coming up in the horizon. All these stocks did very well and we own them.”

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On Tata Motors, he said, “One has to respect the Tatas and their capabilities. They are one of the core research-driven groups in India apart from Bajaj. They are in the right space on the EV side. However, I would not like to comment on the stock because one does not know how EV will play out but if any company in India can succeed in EV then Tata is the one to bet on.”

For the full interview, watch the accompanying video

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Lufthansa jumps back to profit as travel restrictions ease

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Germany’s Lufthansa posted a return to operating profit in the third quarter on Thursday for the first time since the beginning of the pandemic, boosted by the easing of COVID-19 travel restrictions and strong demand in the summer season.

The group reported adjusted earnings before interest and tax of 17 million euros ($19.69 million) in the quarter, compared to a loss of 1.262 billion euros a year ago.

Analysts in a company-provided poll had expected an adjusted EBIT loss of 33 million euros.

Third-quarter revenue almost doubled to 5.2 billion euros, compared to an average analyst forecast for 5.5 billion.

($1 = 0.8634 euros)

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India’s services sector activity expands at fastest pace in 10.5 years in Oct: PMI

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s services sector activity expanded at the strongest pace in ten-and-a-half years in October, driven by a substantial upturn in business activity amid favourable demand conditions, a monthly survey said on Wednesday. Companies indicated that a notable pick-up in new business led to the fastest expansion in output in over a decade and as a result more jobs were created, even though business confidence remained subdued due to growing inflationary concerns.

The seasonally adjusted India Services Business Activity Index rose from 55.2 in September to 58.4 in October, signalling the strongest rate of growth in ten-and-a-half years. For the third straight month, the services sector witnessed an expansion in output. In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.

“… The recovery of the sector entered its third straight month, with firms scaling up activity at the fastest pace in ten-and-a-half years and creating more jobs,” said Pollyanna De Lima, Economics Associate Director at IHS Markit. On the price front, with input costs again rising sharply, companies lifted their fees at the fastest pace in nearly four-and-a-half years. Monitored companies cited higher fuel, material, retail, staff and transport costs.

“… Service providers were concerned that persistent inflationary pressures could deter growth in the coming year. Business confidence remained subdued in the context of historical data,” Lima said. On the employment front, services companies continued to hire additional workers in October. Although moderate, the pace of job creation quickened from September to the strongest since February 2020.

However, the latest data continued to point to weak international demand for Indian services. New export business decreased in October, a trend that has been recorded since the COVID-19 outbreak, the survey said. Meanwhile, private sector output in India increased at a sharper rate in October as growth quickened among both manufacturers and service providers.

The Composite PMI Output Index — which measures combined services and manufacturing output — rose from 55.3 in September to 58.7 in October, signalling the strongest monthly expansion since January 2012. October data pointed to a second successive monthly increase in private sector employment, but the rate of expansion was only slight as growth among service providers was partly offset by job shedding at goods producers.

Business sentiment among companies operating in the Indian private sector strengthened in October, owing to a notable rebound in optimism at goods producers, the survey said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Rupee rises 14 paise to 74.54 against US dollar in early trade

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The rupee surged 14 paise to 74.54 against the US dollar in opening trade on Wednesday as IPO-related inflows and a positive trend in domestic equities supported the local unit. At the interbank foreign exchange, the rupee opened strong at 74.64 against the dollar and gained further ground to 74.54 in early deals, a rise of 14 paise over its previous close.

On Tuesday, the rupee had settled at 74.68 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.01 per cent to 94.07.

“The rupee is gaining ground despite a rise in dollar index above 94.00 due to inflows from big IPOs,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors. Traders said investors will track the US Fed meeting outcome for further cues.

“If the Fed is hawkish, maybe, we could see further dollar strength, else the tapering has been fully factored in by the market,” Bhansali said. Global oil benchmark Brent crude futures fell 0.81 per cent to USD 84.03 per barrel.

On the domestic equity market front, BSE Sensex was trading 238.71 points or 0.40 per cent higher at 60,267.77 while the broader NSE Nifty advanced 76.50 points or 0.43 per cent to 17,965.45. Foreign institutional investors were net buyers in the capital market on Tuesday as they purchased shares worth Rs 244.87 crore, as per exchange data.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bharti Airtel shares surge 3%; Goldman Sachs reinstates ‘buy’ call

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of telecom operator Bharti Airtel surged as much as 3 percent on Wednesday as the company’s better-than-expected quarterly earnings boosted sentiment for the stock. However, it came off its initial high of Rs 732.50 and to trade at Rs 716.75, up 0.5 percent on the BSE.

The company reported a net profit of Rs 1,134 crore for the quarter ended September as compared to a net loss of Rs 763 crore in the corresponding quarter last year. CNBC-TV18 Poll had pegged the net profit at Rs 710 crore.

The company’s Average Revenue Per User (ARPU) for the quarter came in line with the estimate at Rs 153, as compared to Rs 143 in Q2 FY21.

Also Read | Bharti Airtel Q2 results: Net profit at Rs 1,134 crore, revenue up 5.5%; beats estimates

“During the quarter gone by, we sustained our operational excellence with a healthy 5.5 percent sequential growth in consolidated revenues and expansion of EBITDA margin to 49.5 percent,” said Bharti Airtel’s MD and CEO, India & South Asia, Gopal Vittal.

“Our strategy of focusing on quality customers has been validated by the strong price flow and ARPU increase that we have seen in our wireless business. The step-up in the performance of our enterprise and homes business reflects the resilience and strength of our overall portfolio. Even more exciting is the way our new businesses – Airtel Payments Bank, Data Centres and revenues from digital services are shaping up,” Vittal added.

Jefferies and CLSA have a ‘buy’ call on shares of the telecom operator.

Goldman Sachs has reinstated its ‘buy’ call on the stock and added that Bharti Airtel trades at 8.1 times FY23E EV/EBITDA, broadly in line with its historical trading average but higher than global telcos at 6-7 times which the brokerage believes is warranted given the telecom operator’s superior growth profile.

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The foreign brokerage has estimated a compounded annual growth rate of 15 percent for revenue and of 24 percent for EBITDA over FY21-24E for Bharti Airtel which is by far the highest in its global telco coverage. This growth is expected to be led by the company’s wireless business, Goldman Sachs said.

Goldman Sachs believes the market is under-appreciating the inflection in Bharti Airtel’s free cash flow and returns profile. It expects tariff hike to be the next catalyst for Bharti Airtel and estimated that every Rs 10 of incremental monthly ARPU implies $400 million in incremental annual EBITDA for the company.

Further, Bharti Airtel remains better-placed than Jio to win incremental market share from Vodafone Idea, Goldman Sachs added.

Meanwhile, Tarun Lakhotia, Director, Kotak Institutional Equities said, “The results have been fairly strong over the last several quarters and on the execution front, the company continues to do well. Incrementally, tariff hikes are the key catalysts that one is watching out for and given that the government’s policy measures are now announced and behind us and even the concern or apprehensions that one had around JioPhone Next launch which seems to be somewhat underwhelming versus expectations, the stage is set for the industry to start improving the tariffs and economics in the medium-term”.

That is the key trigger for any further rerating in the stock in the near term, he added.

“Bharti being the pure-play in India telecom remains our preferred pick. It remains our top pick to play the India telecom theme. Our fair value right now is Rs 800. We are expecting stronger growth in earnings over the next two-three years,” said Lakhotia.

Catch LIVE stock market updates here.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow