The Central Board of Direct Taxes (CBDT) has rolled out a new functionality in the Annual Information Statement (AIS) to display the status of the information confirmation process. The AIS is available to all registered income taxpayers through the compliance portal. This new update aims to provide transparency by showing taxpayers whether their feedback has been acted upon by reporting entities, partially or fully. The update also empowers taxpayers to take corrective measures and avoid mismatches between AIS and ITR data.
Today is the last day to pay the fourth quarterly advance tax instalment for FY 2023-24. Taxpayers can now verify their tax liability as the AIS Compliance Portal has been fixed by CBDT to display correct data. Experts recommend taxpayers to engage with the tax department proactively and provide feedback if any discrepancies are observed. Failure to pay advance tax may result in penal interest. Certain categories of taxpayers are exempted from paying advance tax.
