Income Tax Return Filing: I-T dept rolls out new functionality to improve compliance | Details you need to know

financialexpress.com:

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.

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.

Also read: Income Tax Return Filing: Why you should wait until June 15 to file ITR for FY 2023-24

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