The Central Board of Direct Taxes (CBDT) has now rolled out a new functionality in the Annual Information Statement (AIS) to display the status of information confirmation process.
This will display whether the taxpayer’s feedback has been acted upon by the source, either, partially or fully accepting or rejecting the same.
In case of partial or full acceptance, the information must be corrected by filing a correction statement by the source.
In AIS, taxpayers have 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 Source of such information. In case of wrong reporting, the same is taken up with the Source for their confirmation, in an automated manner.
The following attributes shall henceforth be visible to the taxpayer for status of the feedback confirmation from source.
(1) 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.
(2) Feedback Shared On: This will let the taxpayer know the date on which the feedback has been shared with the Reporting Source for confirmation.
(3) Source Responded On: This will let the taxpayer know the date on which the Reporting Source has responded on the feedback shared with it for confirmation.
(4)?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. This is another initiative of the Income Tax Department towards ease of compliance and enhanced taxpayer services.
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 a large number of financial transactions undertaken by the taxpayer that may have tax implications. AIS is populated based on financial data received from multiple information sources.
It may be noted that, information confirmation is currently made functional with regard to information furnished by Tax Deductors/Collectors and Reporting Entities.