New Income Tax Feature: Income Tax Department has added a new function which will benefit taxpayers, know how.
The Income Tax Department has recently added a new function in the Annual Information Statement (AIS). It provides real-time updates to taxpayers on the status of feedback given by them to their respective sources or reporting entities. This has been named feedback mechanism. This function will help in monitoring taxpayers. With this (New Income Tax Feature) taxpayers will be able to know in real time whether their feedback has been partially or completely accepted by the source or has been rejected. If the feedback is accepted partially or completely, the source must correct the information by filing a correction statement.
After the feedback status is confirmed by the source, it will be easier for the taxpayers –
- This will let taxpayers know whether the feedback has been shared with the reporting source for confirmation or not.
- This will let taxpayers know the date on which the feedback has been shared with the reporting source for confirmation.
- This will let taxpayers know the date on which the reporting source has responded to the feedback shared with them for confirmation.
- This will let taxpayers know what response has been given by the source to their feedback (if any correction is needed or not).
- The Income Tax Department said in a statement that this new functionality is expected to increase transparency by providing such information to taxpayers in AIS.
How to use the new feature?
Step 1: Go to the official website of the Income Tax Department (www.incometax.gov.in) and log in by entering the credentials.
Step 2: Navigate to AIS section.
Step 3: View the Feedback feature to monitor the status of feedback.
What is AIS?
AIS contains all the data related to taxpayers’ income, financial transactions, income tax proceedings, tax details and much more. It can be used while filing Income Tax Return.
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