Income Tax Dept rolls out new functionality in AIS for taxpayers

This new functionality is expected to increase transparency by displaying information in AIS to the taxpayer

   
Income tax dept rolls out new rule for AIS taxpayers

The Income Tax Department has now rolled out a new functionality in Annual Information Statement (AIS) to display the status of the information confirmation process to taxpayers, according to a statement issued by the Central Board of Direct Taxes (CBDT) on Monday.

This functionality will display whether the feedback of the taxpayer has been acted upon by the source, by either, partially or fully accepting or rejecting the same. In case of partial or full acceptance, the information is required to be corrected by filing a correction statement by the source.

The following attributes shall be visible to the taxpayer for status of Feedback confirmation from source.

Whether feedback is shared for confirmation: This will let the taxpayer know if the feedback has been shared with the Reporting Source for confirmation or not. Feedback Shared On: This will let the taxpayer know the date on which the feedback has been shared with the Reporting Source for confirmation.

Source Responded On: This will let the taxpayer know the date on which the Reporting Source has responded to the feedback shared with it for confirmation.

Source Response: This will let the taxpayer know the response provided by the Source on the taxpayer’s feedback (if any correction is required or not).

“This new functionality is expected to increase transparency by displaying such information in AIS to the taxpayer,” the official statement said.

AIS is available to all registered income taxpayers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in).

AIS provides details of numerous financial transactions undertaken by the taxpayer which may have tax implications.

AIS is based on financial data received from multiple information sources.

In AIS, the taxpayer has been provided with functionality to furnish feedback on every transaction displayed therein.

This feedback helps the taxpayer to comment on the accuracy of the information provided by the Source of such information.

In the case of wrong reporting, the same is taken up with the Source for their confirmation, in an automated manner. Information confirmation is currently made functional with regard to information furnished by Tax Deductors/Collectors and Reporting Entities, the statement added.

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