CBDT Introduces New Features in AIS for Greater Transparency:

CBDT Introduces New Features in AIS for Greater Transparency The Income Tax Department announced on Monday that they've introduced a new feature in the Annual Information Statement (AIS). Now, taxpayers can check the status of the information confirmation process. The Annual Information Statement (AIS) gathers financial data from various sources to give taxpayers a detailed view of their financial transactions, which could affect their taxes. In AIS, taxpayer has been provided with a functionality to furnish feedback on every transaction displayed therein. This feedback helps the taxpayer to comment on the accuracy of the information provided by the Source of such information. In cases of wrong reporting, the same is taken up with the source for their confirmation, in an automated manner. A new functionality has been rolled out in AIS to display the status of the information confirmation process. This will display, whether the feedback of the taxpayer has been acted upon by the Source, by either, partially or fully accepting or rejecting the same. This is an initiative towards ease of compliance and enhanced taxpayer services. This new functionality is expected to increase transparency by displaying such information in AIS to the taxpayer. This is another initiative of the Income Tax Department towards ease of compliance and enhanced taxpayer services," the CBDT said.