Taxpayers Can Now Check Whether Their Feedback Is Acted Upon By Source/Reporting Entities

The Central Board of Direct Taxes (CBDT) has released a new functionality in the Annual Information Statement (AIS)for taxpayers to display the status of the information confirmation process in real-time.The Annual Information Statement (AIS) is available to all registered income tax payers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in). AIS provides details of a large number of financial transactions undertaken by the taxpayer that may have tax implications. AIS is populated based on the financial data received from multiple information sources. In AIS, the taxpayer has been provided with the functionality to furnish feedback on every transaction displayed therein. This feedback helps the taxpayer comment on the accuracy of the information provided by the source of such information. In cases of wrong reporting, the same is taken up with the source for their confirmation in an automated manner. It may be noted that information confirmation is currently functional with regard to information furnished by tax deductors, collectors, and reporting entities. The Central Board of Direct Taxes (CBDT) has now rolled out a new functionality in AIS to display the status of the information confirmation process. This will display whether the feedback of the taxpayer has been acted upon by the source by either partially or fully accepting or rejecting it. In cases of partial or full acceptance, the information is required to be corrected by filing a correction statement with the source. The attributes shall be visible to the taxpayer for the status of feedback confirmation from the source.This new functionality is expected to increase transparency by displaying such information in AIS to the taxpayer. This is another initiative of the Income Tax Department towards ease of compliance and enhanced taxpayer services.Click Here To Read The Press Release

Taxpayers Can Now Check Whether Their Feedback Is Acted Upon By Source/Reporting Entities

Mariya Paliwala

Tags