ITR Filing 2024: The Central Board of Direct Taxes (CBDT) has rolled out a new functionality in the Annual Information Statement (AIS) to display the status of information confirmation process in real-time.
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, according to an official release.
In case of partial or full acceptance, the information is required to be corrected by filing a correction statement by the source.
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What is Annual Information Statement (AIS)?
The AIS is available to all registered income taxpayers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in). The statement provides details of a large number of financial transactions undertaken by the taxpayer which may have tax implications.
AIS is populated based on the financial data received from multiple information sources.
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 Source of such information.
In case of wrong reporting, the same is taken up with the Source for their confirmation, in an automated manner. It may be noted that, information confirmation is currently made functional with regard to information furnished by Tax Deductors/Collectors and Reporting Entities.
The following attributes shall be visible to the taxpayer for status of Feedback confirmation from source:
Whether feedback is shared for confirmation: This will let the taxpayer know if the feedback has been shared with the Reporting Source for confirmation or not.
Feedback shared on: This will let the taxpayer know the date on which the feedback has been shared with the Reporting Source for confirmation.
Source responded on: This will let the taxpayer know the date on which the reporting source has responded on the feedback shared with it for confirmation.
Source response: This will let the taxpayer know the response provided by the Source on the taxpayer’s feedback (if any correction is required or not).
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.
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What is the difference between AIS and Form 26AS?
AIS is the extension of Form 26AS. Form 26AS displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover etc.
AIS also provides the taxpayer the option to give feedback on the transactions reported. Further, the aggregation of transactions on information source level is also reported in TIS.
