Income Tax Department: This new system provides details of financial transactions of a large number of taxpayers which can have tax implications.
Income Tax Department: The time for filing income tax returns is going on and for this the Income Tax Department of the country keeps issuing information continuously. The Income Tax Department has said that it has added a new feature in the annual information statement – Annual Information Statement (AIS). Through this, taxpayers will be able to see the status of the information verification process. Central Board of Direct Taxes- Central Board of Direct Taxes (CBDT) said in the statement that the Income Tax Department has now started a new system in AIS to show the status of the information confirmation process.
What new system has been added?
AIS is prepared on the basis of financial data obtained from multiple information sources. It provides details of a large number of financial transactions of taxpayers which may have tax implications. Taxpayers have been given the facility to give feedback on each transaction shown in the AIS system. This feedback helps the taxpayer to comment on the accuracy of the information received from the source of such information. In case of incorrect reporting, it is automatically routed 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
According to the CBDT statement, this will display whether the taxpayer’s feedback has been processed by the source by accepting or rejecting it partially or completely. In case of partial or complete acceptance, it is necessary to correct the information by filing a correction statement from the source.
Income Tax Department hopes to increase transparency
CBDT said, this new system is expected to increase transparency by displaying such information in AIS to the taxpayers. This is another initiative of the Income Tax Department towards ease of compliance and better taxpayer services.
