The Central Board of Direct Taxes (CBDT) has introduced a new functionality in the Annual Information Statement (AIS) to simplify the tax process for taxpayers. Here’s a comprehensive overview of the new feature and how taxpayers can utilize it:
1. **Background**:
– The AIS is a detailed financial report provided by the Income Tax Department, containing comprehensive information on a taxpayer’s financial activities and corresponding tax deductions.
– The recent enhancement in AIS aims to streamline the tax filing process by indicating the status of information confirmation.
2. **Enhanced Transparency**:
– The new feature in AIS offers enhanced transparency by displaying the status of information confirmation, providing taxpayers with a clear overview of their income and transactions for cross-verification during Income Tax Return (ITR) filing.
– It shows both the reported value (as reported by reporting entities) and modified value for each type of information, including TDS, Statement of Financial Transaction (SFT), and various other details.
3. **Key Features**:
– Taxpayers can now check whether their feedback has been shared with the reporting source for confirmation.
– The feature displays important details such as the date on which feedback was shared, the date of the source’s response, and the response provided by the source (whether correction is required or not).
4. **How to Access AIS**:
– Taxpayers can access the AIS functionality by logging into the Income Tax Department’s official website (https://www.incometax.gov.in/).
– After logging in, they should navigate to the Annual Information Statement (AIS) menu and click on the “Proceed” button to access the AIS portal and view the statement.
5. **Submitting Feedback**:
– Taxpayers can submit feedback on active information displayed under TDS/TCS Information, SFT Information, or Other information.
– To submit feedback, they need to press the “Optional” button in the Feedback column for the relevant information, which will direct them to the Add Feedback screen.
– They can then choose the relevant feedback option, enter feedback details (dependent on feedback option), and click the “Submit” button to submit the feedback.
6. **Additional Information**:
– For further assistance or information, taxpayers can navigate to AIS under the e-File/AIS menu after logging into the portal.
