New functionality in AIS rolled out for taxpayers

economictimes.indiatimes.com:

tax filing system more transparent, the Central Board of Direct Taxes (CBDT) has introduced a new functionality in the Annual Information Statement (AIS) that will allow taxpayers to share feedback on every transaction displayed therein, confirm any transaction listed and provide response on the feedback on a real-time basis. The move will allow taxpayers to verify and correct data provided in the AIS before filling their income tax returns.

AIS provides details of tax deductions, collections or financial transactions reported by entities obligated to provide data.

«In AIS, taxpayers have been provided with a functionality to furnish feedback on every transaction displayed therein,» the finance ministry said in a statement on Monday, adding that feedback will help the taxpayers to comment on the accuracy of the information provided by the source of such information. AIS is populated based on the financial data received from multiple information sources, including banks, mutual funds, registry offices, credit cards and retail transactions.

In the past, some taxpayers had reported instances of the information provided being incorrect or incomplete. Though there was an option of getting the information corrected, the latest move will further improve ease of compliance and enhance taxpayer services.