Latest news with #AIS
&w=3840&q=100)
Business Standard
8 hours ago
- Business
- Business Standard
Taxman knows more than you think: Here's why clean ITR filing matters
Some taxpayers underreport income or inflate deductions in order to save money that goes to the government. But experts warn that this is a high-stakes gamble in today's data-driven tax environment. With the Income Tax Department now armed with sophisticated tools and deep access to financial information, from your bank transactions and property deals to your stock market activity, there's little room to hide. Taxman's eyes everywhere: What the department already knows 'The Income Tax Department gets financial data from multiple channels, banks, mutual funds, employers, registrars, and more,' says Suresh Surana, charter accountant. This includes: TDS/TCS details from Form 24Q/26Q High-value transactions under the Statement of Financial Transactions (SFT) Integrated PAN-linked records from property sales, share investments, and foreign remittances Salary, rent, capital gains, and GST data through the Annual Information Statement (AIS) and Form 26AS According to Kinjal Bhuta, secretary of the Bombay Chartered Accountants' Society, the department also uses 'AI tools, regulatory data-sharing, and even social media activity' to detect suspicious patterns. Common mistakes (and misdeeds) that can trigger trouble From fudging rent receipts to ignoring side income, many taxpayers, especially salaried and self-employed, unknowingly (or knowingly) cross the line. 'False Section 80C claims, hiding freelance income, or underreporting cash sales are frequent issues,' says Sudhir Kaushik, chief executive officer of TaxSpanner. Surana adds that claiming deductions without valid proofs or routing business income through personal accounts is another red flag. Bhuta also warns against 'non-disclosure of foreign assets, ignoring bank interest, or assuming that TDS alone covers tax obligations.' Penalties can be steep, even jail time Taxpayers caught misreporting face penalties under Section 270A: 50 per cent of tax due for underreporting 200 per cent if it's deemed wilful misreporting 'In extreme cases,' says Surana, 'Section 276C can trigger prosecution with jail up to seven years if tax evasion exceeds Rs 25 lakh.' Kaushik concurs, 'With AIS and digital tracking, ignorance is no longer a valid excuse.' Staying safe: Honest filing starts with these steps Experts say the best protection is vigilance. Cross-check prefilled ITRs with your Form 16, AIS and TIS Report all income salary, capital gains, FD interest, foreign income Correct mismatches, if any, and maintain proof for deductions 'Even exempt income like agricultural earnings should be disclosed,' says Bhuta. TaxBuddy's founder, Sujit Bangar adds, 'AIS should be your checklist. If a transaction appears there, explain or report it.' As Kaushik puts it, 'Tax transparency is tighter than ever. The best strategy is to stay ahead by being accurate.'
Daily Mail
17 hours ago
- Sport
- Daily Mail
Matildas star drives support network for retired athletes following tragic death of AFL stars Adam and Troy Selwood
A former Matildas star is leading a push for better support for retired athletes after the tragic deaths of Adam and Troy Selwood. AFL fans were left reeling earlier this year following the deaths of the twin brothers. Troy Selwood died by suicide in early February. His twin brother Adam, a premiership player for the West Coast Eagles, died just three months later. The news stunned the sporting community and placed fresh focus on the mental and emotional challenges elite athletes often face once their careers end. Now, Matildas legend Elise Kellond-Knight has stepped forward to help lead the response. The retired midfielder, who represented Australia across 17 years and two Olympic Games, is backing a new initiative by the Australian Institute of Sport (AIS) to support athletes adjusting to life after elite competition. The program, called the Retired Athlete Peer Support Network, offers a safe space for former athletes to connect, reflect, and rebuild. 'It's heartbreaking,' Kellond-Knight said in an interview with Wide World of Sports. 'It's something you just don't fathom is possible, and you would hope that they had every possible piece of support around them before what eventuated.' The network aims to give retired athletes an opportunity to share experiences with others who understand the emotional toll of stepping away from sport. Whether it's been a year or a decade since they last competed, the program encourages connection and conversation, something Kellond-Knight believes is sorely needed. 'It shows you how hard it is for athletes to adjust to a new way of life,' she said. 'To basically give up one of their nearest, dearest things to them. It does show you the struggles that we all go through.' The program was developed following consultation with psychologists, coaches, and athletes, and was strongly pushed by the AIS athlete advisory committee - a group that includes both current and retired stars such as Olympic champion Nina Kennedy, surfing icon Sally Fitzgibbons, and Paralympic legend Kurt Fearnley. The committee raised concerns with AIS leaders that retirement support was lacking, particularly for athletes grappling with identity loss and disconnection. 'One of the big things every retired athlete I've ever spoken to has referred to is change of identity,' AIS executive general manager of performance Matti Clements said. 'Some will call it a loss of identity, others will say they're stepping into a new phase, but for many, it's, 'I don't know who I am anymore.' Kellond-Knight, who retired in October last year, admitted that while her identity as an athlete remained strong, the shift in routine and physical activity was difficult to manage. 'I've still got this really healthy relationship with Elise the footballer,' she said. 'I still play in the Victorian Premier League, I'm deputy chair of Professional Footballers Australia, and I commentate on matches. So the identity part isn't hard.' For confidential 24-hour support in Australia, call Lifeline on 13 11 14 Lifeline Crisis Text Service : 0477 13 11 14 Beyond Blue : 1300 224 636
Time of India
a day ago
- Business
- Time of India
ITR e-filing AY 2025-25: What is Annual Information Statement (AIS) and how is it different from Form 26AS? Top points for taxpayers
ITR filing FY 2024-25: When filing your income tax return for FY 2024-25 (AY 2025-26), the Annual Information Statement is an important document that every taxpayer should be aware of. Tired of too many ads? go ad free now Introduced a few years ago, the Annual Information Statement is a helpful document for transparent and easy tax compliance. The Annual Information Statement serves as a crucial document that displays comprehensive details of a taxpayer's financial transactions throughout the fiscal year. The Annual Information Statement (AIS) and Form 26AS are tools provided by the Income Tax Department to help taxpayers with accurate tax reporting. Individuals paying taxes have the ability to cross-check their income sources and ensure they align with their Form 16, Form 16A or personal financial records. The AIS system enables taxpayers to identify any inconsistencies in their declared income or tax remittances. Also Read | As AIS effectively records the majority of income sources, it aids in preventing omissions and understatements, thereby reducing the likelihood of tax avoidance penalties or evasion charges. To view their AIS, taxpayers need to visit the official e-filing website at and sign in with their account details. The statement is accessible under the 'Services' section, where users can select 'Annual Information Statement'. Users have the option to obtain their yearly statement in either PDF or JSON formats for their preferred financial year. What is the Annual Information Statement (AIS)? Sudhakar Sethuraman, Partner, Deloitte India explains that AIS is a comprehensive report capturing a taxpayer's financial transactions during a financial year such as interest income, dividends, securities transactions, and foreign remittances, offering a broader view of income sources. These transactions are reported in AIS even if there is no associated tax deduction/ collection at source (TDS/TCS). AIS allows the taxpayer to provide feedback on the transactions reported therein. The tax office considers the feedback provided by the taxpayer and AIS is updated to show original and modified values based on this feedback. There is also a facility to view all feedback provided in the form of 'AIS Consolidated Feedback' file which can be downloaded from the portal. As AIS provides securities-related transactions, it aids in comparison of the information reported in AIS with the information provided by the demat account. Securities transactions can be downloaded into excel and can be used for uploading into tax returns in the relevant sections (capital gains/business income). How is AIS different from Form 26AS? Sudhakar Sethuraman explains that unlike AIS, Form 26AS is more oriented towards TDS/TCS. Tired of too many ads? go ad free now It provides a list of incomes (such as salary, interest), TDS/TCS on these and types of tax payments such as advance tax. 'Form 26AS helps taxpayers verify the taxes paid in various forms (such as TDS, TCS, advance tax, self-assessment tax) and the total tax credit available for the relevant financial year,' Sudhakar Sethuraman tells TOI. In short, AIS gives a detailed overview of income and transactions, while Form 26AS focuses on taxes. Also Read |
Kuwait Times
2 days ago
- Business
- Kuwait Times
Petroleum council meets as Kuwait monitors oil market risks
Officials review strategic projects amid heightened geopolitical uncertainty in the Gulf KUWAIT: His Highness Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah, Prime Minister of Kuwait, chaired the first meeting of the Supreme Petroleum Council for 2025 on Tuesday at Bayan Palace. The meeting comes at a critical moment, with ongoing military strikes between the Zionist entity and Iran pushing threatening oil shipping routes and pushing prices into volatile territory. Council members reviewed key items on the agenda, including major projects approved by Kuwait Petroleum Corporation (KPC) and its subsidiaries, as well as strategic plans aligned with Kuwait's energy goals. The council also examined regional and international political developments and their implications for the oil market. No immediate disruptions Despite growing fears over a broader regional war, oil flows through the Strait of Hormuz — the primary route for Kuwait's crude exports — remain stable, according to data from the US Energy Information Administration (EIA). Ship-tracking data from analytics firm Kpler and the Financial Times confirm that tanker traffic continues uninterrupted, and there have been no efforts to block exports from Kuwait or its regional neighbors. Experts have said that any closure of the strait could restrict trade and impact global oil prices. About a fifth of the world's total oil consumption passes through the strait. Between the start of 2022 and last month, roughly 17.8 million to 20.8 million barrels of crude, condensate and fuels flowed through the strait daily, according to data from Vortexa. OPEC members Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, mainly to Asia. Electronic interference At present, Kuwait has not announced any changes to production levels, rerouting plans, or adjustments to insurance policies for its oil shipments. Still, electronic interference affecting commercial navigation systems around the Strait and the wider Arabian Gulf has intensified in recent days, according to naval authorities. 'JMIC continue to receive reports of electronic interference stemming from the vicinity of Port of Bandar Abbas (in Iran), in the SoH and several other areas in the Arabian Gulf,' the US-led Combined Maritime Force's information center said in an advisory. 'This disruption is affecting vessels' ability to accurately transmit positional data via automated identification systems (AIS), posing operational and navigational challenges.' Prices stable for now Oil prices surged last week as Zionist airstrikes on Iran raised fears of supply disruption, especially through the critical Hormuz chokepoint. However, on Tuesday, Brent crude fell 1.52 percent to $75.31 per barrel after US President Donald Trump suggested Iran was seeking to negotiate — a remark that briefly calmed markets. 'In light of military escalation, oil prices have risen nearly eight percent since the conflict began, and are expected to continue climbing as hostilities intensify,' said Khaled Boudai, head of Ofoq Consulting, in comments to the Kuwait News Agency (KUNA) earlier this week. He added that prices could exceed $100, but said that without physical damage to infrastructure, which lead to sustained supply disruptions, such spikes are usually short-lived. — Agencies
Business Wire
4 days ago
- Business
- Business Wire
Only Four of the Largest 30 Tuna Fishing Companies Disclose Catch Data, Exposing Investors to Supply Chain Risk
LONDON--(BUSINESS WIRE)--New research from Planet Tracker reveals for the first time the actual catch of the world's 30 largest tuna harvesters despite their highly opaque disclosures. The study, Tuna Turner: Investors Must Turn Up Transparency in the Tuna Industry, trawls Global Fishing Watch data to reconstruct catch volumes by species and region for all 2,153 industrial vessels fishing tuna globally. The research attributes these details for the first time to companies and the countries they are headquartered, aiming to fill in the gaps in company disclosure. The report focuses on the 30 largest harvesters of tuna globally – the 'Tuna 30*' – accounting for 46% of global tuna catch. Only four out of 30 firms report any tuna catch volumes, with even lower transparency on species caught, location, catch methods and certification levels: just one of the 30 companies – Bolton Group – discloses this data. Without knowing what, where, how much and how companies fish, investors cannot know which of them are most exposed to sustainability risks. Whilst most tuna stocks are not overfished, tuna biomass has declined by 40% to 80%. And, major ecological damage persists in numerous tuna fisheries. The Tuna 30 overall extract 12% of their catch from stocks that are not at healthy levels of abundance or that are experiencing or might experience overfishing. Planet Tracker estimates that over 40% of the harvest from SAPMER, China National Agricultural Development Group and Maruha Nichiro comes from such stocks. Several tuna species are threatened with extinction. The research finds that Albacora, Maruha Nichiro, Dongwon, Bolton Group and Sajo are likely harvesters of these threatened species. Planet Tracker also finds that 56% of the Tuna 30's catch is 'dark', meaning it could not be associated to a company due to missing ownership information or satellite data. Further, most Tuna 30 companies may be spending more time fishing with their Automatic Identification System (AIS) switched off than on. The study estimates that better data on ownership information and eliminating these AIS gaps could improve profits and valuations in the industry by an average of 0.6% and 1% respectively within five years. Francois Mosnier, Head of Nature at Planet Tracker, said: 'Better transparency, in the form of corporate disclosure on catch and AIS usage, is crucial to help investors understand the exact risks their portfolios are exposed to. We cannot distinguish good behaviour from bad behaviour without first knowing what is actually being caught, where and how on a company-by-company basis.' Planet Tracker urges investors to demand full disclosure from tuna companies on catch data and AIS compliance as a baseline for responsible investment. Notes to editor: *Planet Tracker used Global Fishing Watch data to create a database of 736,000 'likely tuna' fishing events for the year 2022, to analyse 2,153 vessels catching tuna. About Planet Tracker Planet Tracker is an award-winning non-profit financial think tank aligning capital markets with planetary boundaries. Created with the vision of a financial system that is fully aligned with a net-zero, resilient, nature positive, and just economy well before 2050, Planet Tracker generates break-through analytics that reveal both the role of capital markets in the degradation of our ecosystem and show the opportunities of transitioning to a zero-carbon, nature positive economy.
