ITR Filing FY24: Check the new feature in AIS that can help taxpayers in simplifying tax process

Income Tax Returns: The Annual Information Statement (AIS) in income tax filing is a detailed financial report issued by the Income Tax Department. It contains comprehensive information on a taxpayer's financial activities and the corresponding tax deductions made during the year. Recently, the I-T department introduced a new feature in AIS to indicate the status of information confirmation.

AIS enhances transparency and simplifies tax filing by providing taxpayers with a comprehensive overview of their income and transactions for cross-verification during income tax return (ITR) filing. The statement shows both reported value (value reported by the reporting entities) and modified value for each type of information, i.e. TDS, Statement of financial transaction (SFT) and various other information.

New feature in AIS

Salaried individuals usually file tax returns based on the Form 16 received from employers. The form is issued in June after the May 31 TDS filing deadline. Taxpayers should verify the details and file their returns promptly to avoid interest charges by the July 31 deadline.

The Central Board of Direct Taxes (CBDT), in a press release dated 13th May 2024, rolled out a new functionality in AIS to display the status of the information confirmation process.

The new feature in AIS will display if the taxpayer's feedback has been addressed by the source, either partially or fully accepted or rejected. For partial or full acceptance, a correction statement must be filed by the source to rectify the information.

What taxpayers can check

Whether feedback is shared for confirmation: This will let the taxpayer know if the feedback has been shared with the Reporting Source for confirmation or not.

1) Feedback Shared On: This will let the taxpayer know the date on which the feedback has been shared with the Reporting Source for confirmation.

2) Source Responded On: This will let the taxpayer know the date on which the Reporting Source has responded on the feedback shared with it for confirmation.

3) Source Response: This will let the taxpayer know the response provided by the Source on the taxpayer's feedback (if any correction is required or not)

How to check AIS

You can access the Annual Information Statement (AIS) functionality by:

> Login to URL https://www.incometax.gov.in/.
> After login, click Annual Information Statement (AIS) menu.
> Click on 'Proceed' button which will take you to the AIS portal and click on the AIS tile to view the statement.

How to submit feedback on the information?

Taxpayers can submit feedback on active information displayed under TDS/TCS Information, SFT Information or Other information by:

1: Press Optional button mentioned in the Feedback column for relevant information. You will be directed to Add Feedback screen.
2: One can choose the relevant feedback option and enter the feedback details (dependent on feedback option).
3: Click 'Submit' button to submit the feedback

For more information, navigate to AIS under e-File/AIS menu after login.