Before filing Income Tax Return (ITR), check your Annual Information Statement (AIS). If there is any mistake in that statement, please give your feedback to the Income Tax Department so that the department can correct that mistake. Currently, AIS does not have the facility to provide real time feedback. For the first time, this facility has been started by the Income Tax Department.
Now you can give real time feedback
AIS contains complete details of all financial transactions made during the year on which tax can be collected. Your AIS can be viewed by visiting the e-filing portal related to ITR. Now you will also be able to give real time feedback on the details shown in AIS. That feedback will immediately go to the source from where the Income Tax Department has taken that information. Then the income tax payer will also get information about the response given by that source. If there is a need to change the information, the AIS will be amended.
Income Tax Department will amend AIS
Tax experts said that a working person invests and buys in many places like mutual funds, stock market, LIC etc. Mediums like mutual fund companies, stock markets provide information about our purchases and sales to the Income Tax Department. But there can be a mistake in this also. Suppose a person sold shares worth Rs 60,000, but in AIS it is showing that he has sold shares worth Rs 1 lakh. On this information, he will give his feedback which will go to the share company and if that company gives the feedback that yes, the person has sold shares worth Rs 60,000 and not Rs 1 lakh, then the Income Tax Department will amend the AIS. . If it rejects this feedback there will be no change in AIS.
People will be able to fill correct ITR
Chartered Accountant (CA) and tax expert M.K. Gupta said that its advantage will be that people will be able to fill correct ITR. Presently, even if there is wrong information in AIS, people consider it to be correct and pay tax. This facility will increase transparency and make compliance easier. After giving feedback on AIS details, the income taxpayer will get the information till the date of feedback given at the source.
