Income tax department has now rolled out new functionality in AIS

The income tax department has now rolled out new functionality in the Annual Information Statement (AIS) to display the new status information confirmation process.

The statement is available to all registered Taxpayers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in). AIS provides details of the following large number of financial transactions undertaken by the taxpayers which may have tax implications.

1. Salary, 2. Rent received 3. Dividend,4. Interest from Savings Bank, 5.  Interest from Deposits,6.  Interest from others,7.  Interest from Income tax refund  8.  Rent on plant & Machinery,9. Winning from lottery or crossword puzzle, 10. Winning from Horse Race,​ 11. Receipt from the provident fund,12. Interest from Infrastructure Debt Fund, 13.Interest from specified Non-resident companies,14.  Interest from Bonds & Government securities,15. Income from units of Non-resident units,16.  Income & Long Term capital gain from off-shore funds,17. Income & long-term capital gain from Foreign currency bonds,18. Income of Foreign institutional investors,19.  Insurance commission,20.  Receipts from insurance policy,21. Withdrawal of deposits from National Savings Certificates, 22. Receipt of commission on sale of lottery tickets, 23. Income from Investment in securitization trust,​ 24. Income on repurchase of MF,25. Interest or Dividend payable to the government,26.Payment to non-resident sportsmen,27. Sale of land or building,28. Receipt from transfer of immovable property,29. Sale of vehicle, 30. Sale of securities and mutual funds,31. Off-market Debt transactions, 32. Off-market Credit transactions, 33. Business receipts, 34. Business Expenses, 35. Rent payments,36. Miscellaneous payments,37. Cash deposits,38. Cash withdrawals,39. Cash payments,40. Outward Foreign remittance/purchase of foreign currency,41. Receipt of foreign remittance,42. Foreign travel,43. Purchase of immovable property,44. Purchase of vehicle,45. Purchase of time deposits,46. Purchase of mutual funds,47. Credit/ debit card,48. Balance in accounts,49. Income distributed by business trust, 50. Income distributed by investment fund.

Provision for rectifying errors in AIS:

The taxpayer at the time of assessment can furnish feedback on every transaction displayed on AIS. In case of wrong reporting, the same is taken up with the Source for their confirmation, in an automated manner. Further, it will be displayed, whether your feedback 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 following attributes shall be visible to the taxpayer for the status of Feedback confirmation from Source.

If you find any of the information provided in AIS is incorrect or not about your PAN  Number, you may  Click on the  information  category   in the AIS, and you will get a  screen showing a detailed list  of   the transactions in   that  category  ( say   salary, dividend received, interest received, etc.)  Click ‘Feedback’ (last column) for the particular transaction that is incorrect, and then click on the “Options” button.   You will get a screen showing the following six options under the “choose Feedback Type”:

1. Information is correct

2. Income is not taxable

3. Information is not fully correct

4. Information relates to other PAN /another   year

5. Information is Duplicate / included in other information

6. Information is denied.

 The website may seek additional answers based on the type of feedback and then rectify the error.

You can track the status of feedback provided by you, whether your feedback 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 following attributes shall be visible to the taxpayer for the status of Feedback confirmation from the Source.

•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).

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

•Source Responded On: (This will let the taxpayer know when the Reporting Source has responded to the feedback shared with it for confirmation).

•Source Response: (This will let the taxpayer know the response provided by the Source on the taxpayer’s feedback (if any correction is required).

CBDT said that information confirmation is currently made functional about the information furnished by Tax Deductors / Collectors and Reporting Entities.

Source: CBDT press release dated 13 May 2024

Continue to read;

INCOME TAX SLABS FOR FY 2024-25: TAX DEDUCTIONS AND REBATES EXPLAINED	KNOW TDS ON CASH DEPOSIT WITHDRAWALS AND OTHER CASH TRANSACTIONS	INCOME TAX DEPARTMENT HAS NOW ROLLED OUT NEW FUNCTIONALITY IN AIS
INCOME TAX DEDUCTION AND REBATE AVAILABLE ON HOUSING LOAN	CALCULATION OF INCOME TAX BENEFIT AVAILABLE ON HOUSE RENT ALLOWANCE	DO YOU KNOW THESE INCOMES ARE FULLY EXEMPT FROM INCOME TAX

[Nearly, 104 amendments are made either by amending/omitting existing sections or by insertion of new sections. In this article, the amendments, which are most relevant to salaried persons, are covered below.]

1	List of employee benefits not included under the head of Salaries for the tax treatment
2	How to calculate tax relief on salary arrears under Section 89(1)?
3	The tax calculation for Concessional or interest-free loans are given by an employer
4	Calculation of Income Tax benefit available on House Rent Allowance
5	Calculation of tax components on the perquisite value of rent-free unfurnished/furnished accommodation/hotel charge
6	Perquisite value of motor car expenses paid/reimbursed by the employer
7	Income Tax treatment in case of provided with medical benefit
8	What is the tax exemption limit for Transport allowance, Conveyance allowance, and Relocation Allowance?
9	Income Tax Benefit on LTA/LTC under section 10(5)
10	Tax benefit for working in a hilly area, tribal area, border area, and disturbed areas
11	Tax benefits for working in a hilly area, tribal area, border area, and disturbed areas
12	Tax benefits on retirement, VRS, and retrenchment of salaried persons
13	What is capital gain and how capital gain tax has arrived?
14	Tax deduction benefits on the standard deduction, entertainment allowance, and employment/professional tax from salary
15	The taxable value of perquisite in respect of “sweat equity shares” or ESOP
16	What are the tax benefits under NPS?
17	Do you know these incomes are fully exempt from Income tax?
18	What happens to your tax liability when you opt for a new tax regime?
19	Do you know the incomes that are exempted from income tax even in the new tax regime?
20	Do you know these incomes are fully exempt from Income tax

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