Friday, May 24, 2024

Ads by Google

Ads by Google

AP POLYCET 2024 counselling schedule: Check certificate verification dates and other important details here

AP POLYCET 2024 counsellingWeb-based counselling and certification verification schedule for the Andhra Pradesh Polytechnic Common Entrance Test (AP POLYCET) 2024 has been announced by...
HomeBusinessI-T dept unveils new step to aid taxpayers

I-T dept unveils new step to aid taxpayers

NEW DELHI: The

income tax department

on Monday said it has rolled out a new functionality in the

Annual Information Statement

(AIS) through which

taxpayers

will be able to view the status of information confirmation process.
AIS is populated based on the

financial data

received from multiple information sources and provides details of a large number of financial transactions undertaken by the taxpayer that may have

tax implications

.

In AIS, a taxpayer has been provided with a functionality to furnish feedback on every transaction that is displayed. This feedback helps the taxpayer to comment on the accuracy of the information provided by the source of such information. In case of wrong reporting, the same is taken up with the source for their confirmation, in an automated manner.
In several cases, such as fixed deposits held jointly, taxpayers had faced problems in the past, which was earlier reported in the remarks column, prompting the tax authorities to put in place new tools.

“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. In case of partial or full acceptance, the information is required to be corrected by filing a correction statement by the source,” the

Central Board of Direct Taxes

(CBDT) said in a statement.
Information confirmation is currently functional for information furnished by

tax deductors

or collectors and reporting entities.