Error in AIS on tax portal? Flag issue, file return – Times of India

NEW DELHI: Ahead of the income tax return filing deadline, it may help to check your Annual Information Statement (AIS) on the tax portal and flag any irregularities in it. The government is promising to help in rectifying the problem that may have crept in due to misreporting or because the system may not have been able to fully capture the details.
The Annual Information Statement (AIS), which was introduced last year, has details of the tax deducted at source, information on property transactions, dividends, fixed deposits, mutual funds and shares and other securities, which are collated from multiple sources based on your PAN. The idea is to help taxpayers with the in formation that is available with the government and enable them to file accurate returns as some of the details may have been missed by them.

Tax authorities have assured that there will be no problem in filing your returns and it is not necessary that your returns will be taken up for scrutiny just because the details in the AIS and the returns don’t tally. While it can take up to 90 days to rectify the information, government officials said that the data has been fixed within minutes in several cases.
“People should raise the issue with the tax department and also approach the reporting agency, wherever possible, but they should go ahead and file their returns, without waiting for the data to be updated,” a senior officer said.
Most taxpayers have found the information to be in order, but there have been instances where the entire value of property sale involving multiple owners is shown in every owner’s AIS as the property registrar who shares the data does not have the share that each individual had. Similarly, in case of joint accounts, the interest income may have been shown in the AIS of both the account holders. Tax officials said in cases such as property transactions or joint accounts, the same can be reported in the “remarks” section.
A taxpayer is given five options on seeing the information, officials explained — she can either accept the data or deny it in case the data does not relate to her and may be wrongly reflected in her tax account. Alternatively, it could relate to someone else’s PAN, or could relate to the previous year or could be duplicate or related to other information.
Officials suggested that the taxpayer could click on the relevant box and enter the details in the remarks section. Authorities, however, said that the discrepancies must be flagged in the tax system as they will be available in case your case is taken up for scrutiny.

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