CBDT Launches Real-Time Feedback Monitor On AIS: Know How It Helps Tax Payers

Taxpayers can now see the status of their feedback in real time on the Annual Information Statement (AIS) and how it is being processed by the source or reporting entities of your tax information. The AIS is accessible to all income taxpayers through the compliance portal on the e-filing website, (incometax.gov.in) which outlines financial transactions that have tax implications. They are compiled from various sources by Tax Deductors or Collectors and Reporting Entities. Then taxpayers also use AIS details to claim deductions on their taxable income. Now taxpayers can provide and monitor the feedback they give on the transactions displayed on AIS.

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What Is a New Monitoring Feature?

In AIS, the taxpayer has an online feature to furnish feedback on every transaction displayed therein. This feedback is used 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.

The Central Board of Direct Taxes (CBDT) has now rolled out a new functionality in AIS to display the status of the information confirmation process

"It may be noted that information confirmation is currently made functional about the information furnished," a release from the Finance Ministry said. The new feature will indicate if the Source has fully or partially accepted or rejected the taxpayer's feedback.

In case of partial or full acceptance, the information is required to be corrected by filing a correction statement by the Source. The following three attributes shall be visible to the taxpayer for the status of Feedback confirmation from the Source.

Taxpayers can see whether feedback is shared with the Reporting Source for confirmation or not. Taxpayers can know the date on which the feedback has been shared with the Reporting Source for confirmation, and also the date on which the Reporting Source has responded. Taxpayers can know the feedback on which source responded. And also, the response provided by the Source on the taxpayer's feedback (if any correction is required).

Earlier, the 'AIS for Taxpayer' mobile application was launched on March 22, 203, and offers a comprehensive AIS and Taxpayer Information Summary (TIS) view. You can register with PAN and birth date, and access TDS or TCS, interest, dividends, share transactions, tax payments, refunds, and other data. AIS eliminates the need for many separate document submissions, for instance, the interest that you have received on your fixed deposits, enhancing your convenience.