Tax return filing season is ongoing, and the Income Tax Department is continuously providing updates regarding this process.
The Income Tax Department announced the addition of a new feature to the Annual Information Statement (AIS).
This will allow taxpayers to check the status of the information verification process.
The Central Board of Direct Taxes (CBDT) announced that the Income Tax Department has launched a new system within AIS to display the status of the information confirmation process.
What new system has been added?
AIS is created using financial data collected from various sources. It includes information about many financial transactions of taxpayers that could affect taxes.
Taxpayers can provide feedback on each transaction in the AIS system.
This feedback allows taxpayers to comment on the accuracy of the information obtained from its sources.
If there’s incorrect reporting, it’s automatically sent to the source for verification.
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
information can be corrected
As per the CBDT statement, this will show if the taxpayer’s feedback has been acted upon by the source, either by accepting or rejecting it partially or completely.
If there’s partial or complete acceptance, correcting the information requires filing a correction statement from the source.
Income Tax Department hopes to increase transparency
CBDT mentioned that this new system aims to enhance transparency by showing such information in AIS to taxpayers.
This is another effort by the Income Tax Department to simplify compliance and improve taxpayer services.
