The Central Board of Direct Taxes (CBDT) recently announced the rollout of a new feature within the Annual Information Statement (AIS), designed to provide taxpayers with insight into the status of the information confirmation process. This functionality aims to enhance transparency and streamline the feedback mechanism between taxpayers and data sources.
Outlined in a statement issued by the CBDT, the new feature enables taxpayers to ascertain whether their feedback has been received and acted upon by the respective data sources. It indicates whether the feedback has been partially or fully accepted or rejected, prompting corrections where necessary through a correction statement filed by the data source.
The following key attributes will be accessible to taxpayers regarding the status of feedback confirmation from the source:
Confirmation of Feedback Sharing: Indicates whether the feedback has been shared with the reporting source for confirmation.
Date of Feedback Sharing: Specifies the date on which the feedback was shared with the reporting source for confirmation.
Source Response Date: Displays the date on which the reporting source responded to the feedback shared for confirmation.
Source Response: Communicates the response provided by the source regarding the taxpayer's feedback, including any required corrections.
"This innovative functionality aims to bolster transparency by furnishing such information within the AIS interface for taxpayers," stated the official release.
The AIS, accessible to all registered income taxpayers through the compliance portal linked to the e-filing website (www.incometax.gov.in), serves as a comprehensive repository of various financial transactions with potential tax implications. Derived from multiple data sources, AIS empowers taxpayers to provide feedback on each transaction displayed, facilitating scrutiny of the accuracy of reported information.
In instances of inaccuracies, an automated process ensures that discrepancies are promptly addressed with the relevant data sources for confirmation. Presently, information confirmation functionalities are operational for data provided by Tax Deductors/Collectors and Reporting Entities, as highlighted in the statement.
This initiative underscores the government's commitment to leveraging technology to enhance taxpayer experience and promote accountability within the taxation framework.
