Income Tax Department said on Monday that it has added a new feature in the Annual Information Statement (AIS Form). Through this new feature, taxpayers will be able to see the status of the information verification process. This means that they will keep knowing what is the status of any transaction after their comment.
The Income Tax Department said on Monday that it has added a new feature in the Annual Information Statement (AIS Form). Through this new feature, taxpayers will be able to see the status of the information verification process. This means that they will keep knowing what is the status of any transaction after their comment. 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 the taxpayer, which may have tax implications.
Improved the comment feature
The taxpayer has been given the facility to give feedback on each transaction displayed 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.
What did CBDT say?
The Central Board of Direct Taxes (CBDT) said in a statement, “The Income Tax Department has now introduced a new mechanism in AIS to display the status of the information verification process.” According to the statement, “This will display whether the taxpayer.” Action has been taken on the response of 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 on behalf of the source.
CBDT said, “This new system is expected to increase transparency for taxpayers by displaying such information in AIS. This is another initiative of the Income Tax Department towards ease of compliance and better taxpayer services.
