The Income Tax Department has informed about this feature related to Annual Information Statement on May 13. The department claims that this will bring transparency in financial transactions related to taxpayers. Taxpayers will be able to give their feedback about any transaction
The Income Tax Department has added a new feature in the Annual Information Statement (AIS). This has been named feedback mechanism. The Income Tax Department has informed about this feature on May 13. This is beneficial for taxpayers. To understand this properly, it is important to first understand AIS. AIS contains information about all such transactions of taxpayers on which tax can be generated.
What is the feedback feature of Income Tax Department?
The Income Tax Department prepares it on the basis of information received from many sources. Till now taxpayers could see the details of their transactions. But, could not give my feedback on it. Taxpayers can give their feedback on financial transactions through the feedback mechanism feature. If he finds any irregularity in any financial transaction, he can give his feedback about it.
How will the feedback mechanism work?
The taxpayer can view the status of a financial transaction after giving feedback. Its feedback will go to the source of the financial transaction. This can be easily understood with the help of an example. Suppose you have sold units of a mutual fund scheme. The mutual fund house will send information about this transaction to the Income Tax Department, which the Income Tax Department will include in your AIS. In this case the mutual fund house will be the source of this transaction.
What benefit will this give to taxpayers?
If you notice any mistake in any financial transaction, you can give feedback about it. The source associated with that transaction will take action on your feedback. He can accept it either partially or completely. He can also reject it. If he accepts it completely then he will correct his information. Then he will send the corrected statement to the Income Tax Department. With this the information included in AIS will be corrected.
How will this bring transparency?
After giving his feedback, the taxpayer will be able to see through this feature whether the source of his feedback information has been shared or not. He will also know if the feedback has been shared then on which date it has been shared. It will also be known on which date the source has given its response. The Income Tax Department has said that this feature will bring transparency. The taxpayer can view any information in his AIS and inform if there is any mistake in it.
What is the process of using it?
To use this feature, you will first have to log in to the compliance portal. After logging in with ID and password, you will have to go to the AIS section. After that you will have to give feedback on any information using the feedback feature. After this an automated confirmation process will start with the source.
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