IT Department introduces taxpayer-friendly feature in AIS
Income Tax Department introduces a user-friendly feature in AIS, enhancing transparency and empowering taxpayers with information on transaction status.
The Income Tax Department has introduced a new feature in the Annual Information Statement to keep taxpayers informed about the status of their information confirmation process. This feature shows whether the feedback provided by the taxpayer has been acknowledged by the source, either partially or fully. If the source accepts the feedback, the taxpayer needs to correct any errors by filing a correction statement.
The following details will be visible to taxpayers regarding the status of feedback confirmation from the source -
Confirmation of Feedback Sharing - Indicates if the feedback has been shared with the Reporting Source for confirmation.
Date of Feedback Sharing - Shows when the feedback was shared with the Reporting Source.
Source's Response Date - Reveals when the Reporting Source responded to the feedback.
Source's Response - Informs the taxpayer about the response provided by the Source regarding any necessary corrections.
The aim of AIS new functionality income tax is to enhance transparency by displaying such information in AIS for taxpayers' benefit. AIS is accessible to all registered income taxpayers through the compliance portal on the e-filing website.
AIS provides details of various financial transactions undertaken by taxpayers, which could affect their taxes. It's compiled from financial data received from multiple sources.
Taxpayers can provide feedback on each transaction listed in the AIS, helping ensure the accuracy of the information provided by the source. If any inaccuracies are found, the system automatically brings it to the attention of the source for confirmation.
Currently, this information confirmation feature applies to data provided by Tax Collectors/Deductors and Reporting Entities. This functionality aims to simplify the process for taxpayers, giving them more control over their tax-related information and ensuring accuracy in reporting.
Taxpayers can provide feedback on each transaction listed in the AIS. This feedback helps them ensure the accuracy of the information provided by the source. If any inaccuracies are found, the system automatically brings it to the attention of the source for confirmation.
