CBDT Introduces New Functionality in Annual Information Statement for Taxpayers

New Delhi: The Central Board of Direct Taxes (CBDT) has unveiled a new functionality in the Annual Information Statement (AIS), aimed at providing greater transparency and convenience to taxpayers. The AIS, accessible through the e-filing website (www.incometax.gov.in), furnishes details of various financial transactions with potential tax implications undertaken by the taxpayer.

One of the key features of AIS is the provision for taxpayers to provide feedback on each transaction listed. This feedback mechanism allows taxpayers to comment on the accuracy of the information provided by the source of the data. In cases where incorrect reporting is identified, the system automatically flags the discrepancy and initiates corrective action with the respective source of information.

In a recent development, CBDT has introduced a new functionality within AIS to display the status of the information confirmation process. This enhancement enables taxpayers to track whether their feedback has been acknowledged by the reporting source, along with the subsequent actions taken. The following attributes will be visible to taxpayers regarding the status of feedback confirmation:

Feedback Shared for Confirmation: Indicates whether the feedback has been shared with the reporting source for confirmation.

Feedback Shared On: Displays the date on which the feedback was shared with the reporting source.
Source Responded On: Shows the date on which the reporting source responded to the feedback.
Source Response: Specifies the response provided by the source regarding the taxpayer’s feedback, indicating whether corrections are required.

This new functionality is poised to enhance transparency by providing taxpayers with real-time updates on the status of their feedback within AIS. By making such information readily accessible, the Income Tax Department aims to streamline compliance procedures and deliver improved services to taxpayers.