India’s Central Board of Direct Taxes (CBDT) of the Income Tax Department in a release announced on Monday, 13 May, 2024, the introduction of a new functionality in their Annual Information Statement (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.
In case of partial or full acceptance, the information is required to be corrected by filing a correction statement by the source.
The following attributes will be visible to the taxpayer for the 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 to 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 initiative was taken to facilitate compliance and enhance taxpayer services.
AIS is available to all registered Income Taxpayers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in).
AIS provides details of many financial transactions undertaken by the taxpayer which may have tax implications. It provides taxpayers with the 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 the information.
