Income Tax News: The Income Tax Department is dedicated to provide Indian taxpayers with a simpler and more transparent tax filing process. A new feature has been added to the Annual Information Statement (AIS) as part of this endeavour. Let’s explore the definition of the AIS and the advantages of this new feature for you.
What is the Annual Information Statement (AIS)?
For all of your financial transactions that might have an impact on taxes, the AIS is your one-stop shop. You may get it via the income tax e-filing website (https://www.incometax.gov.in/iec/foportal/), essentially as a consolidated report. Information is gathered by the AIS from a variety of sources, including banks, financial businesses, and governmental organisations.
Providing Feedback on Transactions in AIS
You are able to examine these transactions using the AIS and report any inconsistencies that you discover. The information provider receives this input after which it is verified. You can report an inaccuracy in the AIS, for example, if your bank recorded interest income that was higher than what you really got.
New Feature – Tracking Feedback Status
Before, you would be in the dark about what transpired when you sent input. This is addressed with the new AIS capability, which gives you real-time updates on the progress of your feedback. Here’s what’s now visible:
- Feedback Shared for Confirmation: This tells you if your feedback has been forwarded to the relevant source for confirmation.
- Feedback Shared On: This shows the date your feedback was sent.
- Source Responded On: This lets you know if the source has reviewed your feedback.
- Source Response: This displays the source’s response to your feedback, including whether they acknowledge the error and will submit a corrected statement.
Benefits of the New AIS Feature
The procedure of submitting taxes is now more transparent thanks to this new feature. You’ll be able to monitor your feedback and feel secure in the knowledge that your issues are being taken care of. This encourages better communication and cooperation between the Income Tax Department and taxpayers.