Income tax department rolls out new functionality in AIS

In AIS, a taxpayer has been provided with a functionality to furnish feedback on every transaction displayed therein

The income tax department on Monday said it has rolled out a new functionality in the Annual Information Statement (AIS) through which taxpayers will be able to view the status of information confirmation process.

AIS is populated based on the financial data received from multiple information sources and provides details of a large number of financial transactions undertaken by the taxpayer that may have tax implications.

In AIS, a 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 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 Income Tax Department 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 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 Central Board of Direct Taxes (CBDT) said in a statement.

It may be noted that information confirmation is currently made functional with regard to information furnished by tax deductors/collectors and reporting entities. It may be noted that information confirmation is currently made functional with regard to information furnished by tax deductors/collectors and reporting entities. ”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,” the CBDT said.