I-T dept unveils new step to aid taxpayers

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NEW DELHI: The revenue tax division on Monday stated it has rolled out a new performance within the Annual Information Statement (AIS) by which taxpayers will probably be ready to view the standing of data affirmation course of.
AIS is populated based mostly on the monetary information obtained from a number of data sources and offers particulars of numerous monetary transactions undertaken by the taxpayer which will have tax implications.
In AIS, a taxpayer has been supplied with a performance to furnish suggestions on each transaction that’s displayed. This suggestions helps the taxpayer to touch upon the accuracy of the data supplied by the supply of such data. In case of incorrect reporting, the identical is taken up with the supply for his or her affirmation, in an automatic method.
In a number of instances, resembling fastened deposits held collectively, taxpayers had confronted issues prior to now, which was earlier reported within the remarks column, prompting the tax authorities to put in place new instruments.
“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) stated in a press release.
Information affirmation is presently useful for data furnished by tax deductors or collectors and reporting entities.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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