Categories: Income Tax

Annual Information Statement feedback process

Annual Information Statement feedback process

The new AIS (Annual Information Statement) feedback process enhances taxpayer services and compliance ease by allowing users to review their transactions and submit feedback. Here is how it works:

  • Taxpayers can now review their transactions and submit feedback directly in the AIS system.
  • Feedback Confirmation: Submitted feedback is taken up with the source (e.g., banks, employers) for confirmation.
  • The source responds to the feedback with detailed information.
  • If the source’s details confirm that there was a mistake in the AIS, the source will correct the information.
  • Taxpayers are able to monitor the status of their feedback and the information confirmation process.
  • The status will reflect whether the feedback has been fully accepted, partially accepted, or rejected, providing clarity and transparency.
  • This initiative aims to make compliance easier and enhance taxpayer services, ensuring accuracy and efficiency in tax reporting.

To submit feedback in the AIS, taxpayers can follow these steps and provide responses to ensure accurate tax information. Here’s a detailed guide on how to submit feedback:

Types of Feedback Responses

Taxpayers can indicate one of the following responses to AIS data:

  • Information is correct
  • Receipt is not taxable
  • Any Receipt is like reimbursement of expenses
  • Receipt like refundable security

Feedback Submission Modes

The Feedback can be submitted in two modes: online and offline. This guide focuses on the online mode.

Steps to Submit Feedback Online

Pre-Submission

  • Visit the Income Tax Department’s official website: Income Tax Department e-Filing Portal.
  • Login to your e-filing account using your credentials.
  • Navigate to the Service
  • Select Annual Information Statement (AIS) from the dropdown menu.
  • Click on AIS to view the information.
  • Identify the specific information that is incorrect.
  • Click on the information that needs correction.
  • Select Optional to open the feedback submission options.
  • Choose the applicable feedback option from the dropdown menu (e.g., Information is correct, Receipt is not taxable, etc.).
  • Provide the required details and explanations for your feedback.
  • After filling in the necessary details, click on Submit.

Post-Submission

  • The Income Tax Department will review the submitted feedback.
  • If the feedback is correct, the AIS will be automatically updated to reflect the changes based on the provided feedback.

This streamlined process ensures that taxpayers can easily correct any discrepancies in their AIS, leading to accurate tax reporting and improved compliance.

Processing of Annual Information Statement Feedback system work

The processing of feedback submitted by the taxpayer in the Annual Information Statement (AIS) follows a structured approach to ensure accuracy and compliance. Here is a detailed explanation of the process:

  1. Feedback provided by the taxpayer is recorded in the AIS. Both the reported value (original value before feedback) and the modified value (value after considering feedback) will be displayed separately in the Annual Information Statement.
  2. The taxpayer’s feedback is used to update the derived value (the value calculated after taking into account the feedback) in the TIS.
  3. Information in the AIS that is assigned to other PANs or different assessment years will be processed and displayed in the taxpayer’s Annual Information Statement S using automatic rules. This ensures that any information linked to the taxpayer is accurately reflected across all relevant records.
  4. If the assigned information is changed or rejected, the feedback will be assessed according to risk management guidelines. High-risk feedback (feedback that may indicate significant discrepancies or potential non-compliance) will be highlighted for further investigation by the tax authorities.

This comprehensive approach ensures that the feedback mechanism is transparent and efficient, allowing taxpayers to correct any inaccuracies while maintaining the integrity of the tax system through risk-based assessments.

Summary of Steps in Annual Information Statement Feedback Processing

  • Feedback is documented, showing both reported and modified values in Annual Information Statement.
  • The Feedback influences the derived value in TIS.
  • Information across different PANs/years is automatically processed and updated.
  • Changes or rejections of feedback are evaluated based on risk management guidelines. High-risk feedback is flagged for further investigation.

By following these steps, the Income Tax Department ensures accurate, fair, and efficient handling of taxpayer feedback, enhancing the overall compliance process.

Types of Incomes Included in AIS

List includes 57 distinct types of incomes as indicated.

  • Interest from others
  • Rent on plant & machinery
  • Winnings from horse race u/s 115BB
  • Salary
  • Interest from savings bank
  • Income of foreign institutional investors from securities under Section 115AD(1)(1)
  • Interest from deposit
  • Receipt of accumulated balance of PF from employer under Section 111
  • Interest from infrastructure debt fund under Section 115A(1)(a)(ia)
  • Rent received
  • Income of Specified Fund from securities under Section 115AD(1)(1)
  • Dividend
  • Income in respect of units of non-resident under Section 115A(1)(a)(ab)
  • Interest on bonds and government securities
  • Income and long-term capital gain from foreign currency bonds or shares of Indian companies u/s 115AC
  • Insurance commission
  • Receipts from life insurance policy
  • Withdrawal of deposits under national savings scheme
  • Interest from income tax refund
  • Receipt of commission etc. on sale of lottery tickets
  • Income from investment in securitization trust
  • Receipt of foreign remittance
  • Payment to non-resident sportsmen or sports association under Section 115BA
  • Foreign travel
  • Interest or dividend or other sums payable to government
  • Cash withdrawals
  • Income on account of repurchase of units by Unit Trust of India, Unit Trust of India
  • Cash payments
  • Winnings from lottery or crossword puzzle u/s 115BB
  • Outward foreign remittance/purchase of foreign currency
  • Income of specified senior citizen
  • Interest from specified company by a non-resident under Section 115A(1)(a)(aa)
  • Sale of securities and units of mutual fund
  • Off market debit transactions
  • Receipts for transfer of immovable property
  • Sale of vehicle
  • Business expenses
  • Income and long-term capital gain from units by an offshore fund under Section 115AB(1)(b)
  • Cash deposits
  • Rent payment
  • GST turnover
  • Off market credit transactions
  • Business receipts
  • Sale of land or building
  • GST purchases
  • Purchase of securities and units of mutual funds
  • Credit/Debit card
  • Balance in account
  • Purchase of immovable property
  • Income distributed by business trust
  • Winning from Online Games under Section 115BBJ
  • Purchase of time deposits
  • Income distributed by investment fund
  • Donations received
  • Purchase of vehicle
  • Receipt on transfer of Virtual Digital Assets
  • Miscellaneous payment

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