The last date for filing Income Tax Return (ITR) for AY 2022-23 is July 31. Therefore, taxpayers are advised to go through the Annual Information Statement (AIS) thoroughly as some people have reported discrepancies in it. Therefore, all those people who are waiting for the last minute to file their returns online, please ensure that you tally the information given in AIS and do not find any difference between the government data and the ITR data filed by you. Report type mismatches.
What is Annual Information Statement (AIS)
Annual Information Statement (AIS) Introduced in November last year. It has two components – the Taxpayer Information Summary (TIS) and the other is the proper AIS which details the information contained in the TIS.
This AIS contains the details of all the transactions reported by certain entities. These entities include banks, registration offices, stock exchanges, mutual funds, companies issuing shares and debentures, RBI and all those taxpayers who are liable to deduct and collect tax at source (TDS) Income Tax Department released an improved version 2.0 of AIS in March 2022 which includes many more transactions,
What should taxpayers do if the information in AIS is incorrect?
The new AIS can be accessed by clicking on ‘Annual Information Statement (AIS)’ under the ‘Services’ tab. Income tax e-filing portal (incometax.gov.in).
Amit Gupta, MD, SAG Infotech says that when taxpayers feel that the information shown in AIS is not correct, they can give correct response. The details may be evaluated for all entries, including personal information and financial transactions.
“The response should be submitted by the taxpayers as soon as they notice any discrepancy. This can be accomplished on the ‘Optional’ tab,” Gupta said.
Steps to Correct Mistakes in AIS
- Log on to the new income tax e-filing portal (incometax.gov.in).
- Select ‘Annual Information Statement (AIS)’ under ‘Services Tab’.
- Now, you will see two options – Taxpayer Information Summary (TIS) and Annual Information Statement (AIS). Click on AIS.
- After clicking on AIS, you will see Part A and Part B of AIS on your screen.
- Now, select the information which is not correct. Select ‘Optional’ to submit your feedback.
- There will be 7 options available to you. From the drop-down menu, select the applicable option.
- Now, submit. click on
Amit Gupta says that as soon as taxpayers submit the feedback, its status gets updated on AIS in real time. TIS will pre-fill the ITR draft with the revised values filtered in TIS.
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