Taxpayers can now see if feedback is acted upon by reporting entities: Govt
New Delhi, May 13, 2024
CBDT has released new functionality in AIS for taxpayers to display the status of the information confirmation process in real-time
The Central Board of Direct Taxes (CBDT) has rolled out a new functionality in Annual Information Statement (AIS) to display the status of information confirmation process, the income tax department said in a statement on Monday.
According to the CBDT, AIS is accessible to every registered income tax payer via the compliance portal, which is reachable through the e-filing website (www.incometax.gov.in). The AIS, which is compiled using financial data gathered from various sources, provides detailed information on financial transactions carried out by taxpayers that could potentially affect tax obligations.
The tax department said within the AIS, taxpayers have been given with the ability to provide feedback on each transaction listed. "This feature enables them to assess the accuracy of the information provided by the souce," the department said.
CBDT releases new functionality in AIS to increase transparency.
In AIS, taxpayer has been provided with a 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… pic.twitter.com/mOuvECzOKS
— Income Tax India (@IncomeTaxIndia) May 13, 2024
I-T department further said if inaccuracies are identified, an automated process initiates communication with the source for verification. It is important to note that this confirmation process currently applies to information supplied by tax deductors/ collectors and reporting entities.
The department added that the new functionality in AIS 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," the department said.
The department said the new functionality is expected to increase transparency by displaying such information in AIS to the taxpayer.
[The Business Standard]
