I-T dept unveils new step to aid taxpayers

The income tax department introduces a new functionality in the Annual Information Statement (AIS) allowing taxpayers to view and confirm financial data affecting taxes,Taxpayers can provide feedback on displayed transactions to ensure accu...

NEW DELHI: 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 that is displayed. 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. In several cases, such as fixed deposits held jointly, taxpayers had faced problems in the past, which was earlier reported in the remarks column, prompting the tax authorities to put in place new tools.

"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. Information confirmation is currently functional for information furnished by tax deductors or collectors and reporting entities.