ITR News: The Income Tax Department has introduced a new facility, Feedback Mechanism, related to the Annual Information Statement (AIS). Let us know who will benefit from this.
The Income Tax Department has introduced a new facility related to Annual Information Statement (AIS). The department claims that this will bring transparency in the details of financial transactions of the taxpayer. Through this, taxpayers will be able to give their clarification or feedback regarding any transaction. This has been named feedback mechanism. This is beneficial for the income tax payer. AIS i.e. Annual Information Statement contains information about all such transactions of the taxpayer on which tax liabilities may arise.
Is this facility
The Income Tax Department prepares the annual information statement based on information received from various sources. Till now the taxpayer could see the details of his transactions. But, could not give my reaction on that. Now under the new system, if the taxpayer finds any discrepancy in any transaction in that statement, then he can give his comment about it.
How will the mistake be corrected?
The taxpayer can view the status of a transaction after responding to it. His response will go to the source carrying out the financial transaction. That source will take action on your comment. 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 correct details to the Income Tax Department. This will be corrected in the annual information statement.
Transparency will increase
After giving his response, the taxpayer will be able to see through this facility whether his comment has been sent to the source of information or not. He will also know if the comment has been shared then on what date it has been shared. It will also be known on which date the source has given its response. This facility will bring transparency.
Process of using it
To use this feature, you must first log in to the compliance portal. After logging in with ID and password, you will have to go to the Annual Information Details section. You’ll then need to comment on a notification using the comment feature. After this the exchange of information with one source will begin.
