CBDT, ITR Update: The time for filing income tax returns is going on and meanwhile the Income Tax Department has implemented a new system. Its purpose is to increase transparency and simplify the process of filing returns.
CBDT Update, Taxpayers who are evading income tax through wrong and fake information should now become smart. The government has laid such a ‘trap’ that now every penny will be accounted for and inquired about while filing ITR. After the taxpayer discloses his investments and savings, the Income Tax Department will scrutinize it and process the income tax return only after verification. Its purpose is to increase transparency and simplify the process of filing ITR.
For this, the Central Board of Direct Taxes (CBDT) has also added a mechanism to review all the information in the Annual Information Statement (AIS). Through the new system, whatever information the taxpayer gives in his ITR, its feedback will be verified from the relevant source. The source associated with the transaction will confirm whether the information is correct in whole or in part or has been rejected.
How will the new system work?
After the new system is developed in AIS, if the information given is accepted in whole or in part, then it will be corrected by the original source. The status of this correction will also be visible to the taxpayer on the feedback confirmation from the source. This new system implemented in AIS will further consolidate the information available in this form, which will make it easier for taxpayers to fill ITR. The Finance Ministry has said that this is another meaningful step taken by the Income Tax Department to ease compliance.
Verification from the original source of investment and savings
The Income Tax Department has said that after confirming the information given by the taxpayers with the original source of the new system, this information will be given to the taxpayer in the form of feedback. The feedback given by the reporting source will be given with due date.
Where to get AIS form
The Income Tax Department uploads the AIS forms of all taxpayers on its official website. Taxpayers can download their AIS form by visiting www.incometax.gov.in. It contains details of all types of transactions covered under income tax. It includes financial data obtained from many different sources.
What will be new now
Now taxpayers will also get the option to give feedback along with the transaction information given in the AIS form received by the taxpayers. If any information is incorrect then the taxpayer can comment on it and that information will be corrected from the original source. Similarly, if any incorrect information has been given by the taxpayer, it will be confirmed from the original source and if found correct, the ITR will be processed.
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