How to rectify errors in Annual Information Statement (AIS)

 

Annual Information Statement (AIS) enables a taxpayer to see and verify taxpayer information available with Income Tax Department, provide feedback in case of discrepancies, view and update the Taxpayer Information Summary (TIS) used for pre-filling of ITR

The Income Tax Department rolled out the new AIS on the Income Tax on the income tax compliance portal. It provides a comprehensive view of information to a taxpayer relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc. Taxpayers will be able to download AIS information in PDF, JSON, CSV formats.

The facility also allows the taxpayer to check the information provided on the AIS and provide feedback with regards to authenticity.

AIS also has a simplified TIS which shows the aggregated value for the taxpayer for ease of filing return.

“TIS shows the processed value (i.e. the value generated after deduplication of information based on pre-defined rules) and derived value (i.e. the value derived after considering the taxpayer feedback and processed value). If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real-time. The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner),” the IT department said in a statement.

AIS includes information presently available with the I-Tax Department. There may be other transactions relating to the taxpayer which are not presently displayed in AIS. Taxpayers should check all related information and report complete and accurate information in the Income Tax Return. The taxpayers are requested to view the information shown in AIS and provide feedback if the information needs modification. The value shown in TIS may be considered while filing the ITR. In case the ITR has already been filed and some information has not been included in the ITR, the return may be revised to reflect the correct information.

The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in). The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational

What if there is an error in AIS?

In case a taxpayer finds an error in his/her AIS, as mentioned above, the taxpayer should provide online feedback for the same. Follow the steps below to correct the mistakes in AIS.

Step 1: Login to your e-filing account on the government's portal at www.incometax.gov.in

Step 2: Once logged in, select 'Annual Information Statement (AIS)' under the 'Services tab'.

Step 3: On the webpage, select 'AIS'. On your screen, two options will be visible to you - Taxpayer Information Summary (TIS) and Annual Information Statement (AIS). Click on AIS.

Step 4: On your screen, Part A and Part B of AIS will be shown. Select the information that is not correct. Select 'Optional' to submit your feedback.

Step 5: From the drop-down menu, select the option which is applicable to you. There will be 7 options available to you:

a) Information is correct

b) Transfer not in the nature of sale

c) Income is not taxable

d) Information is not fully correct

e) Information relates to other PAN/Year

f) Information is duplicate/included in other information

g) Information is denied

You might be asked for additional information depending on the option selected by you.

Step 6: Click on submit.

Once the feedback is submitted, the income tax department will automatically correct the information in your AIS. You might need to provide additional information depending on the option selected by you from the drop-down menu.

Annual Information Statement (AIS) enables a taxpayer to see and verify taxpayer information available with Income Tax Department, provide feedback in case of discrepancies, view and update the Taxpayer Information Summary (TIS) used for pre-filling of ITR

The Income Tax Department rolled out the new AIS on the Income Tax on the income tax compliance portal. It provides a comprehensive view of information to a taxpayer relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc. Taxpayers will be able to download AIS information in PDF, JSON, CSV formats.

The facility also allows the taxpayer to check the information provided on the AIS and provide feedback with regards to authenticity.

AIS also has a simplified TIS which shows the aggregated value for the taxpayer for ease of filing return.

“TIS shows the processed value (i.e. the value generated after deduplication of information based on pre-defined rules) and derived value (i.e. the value derived after considering the taxpayer feedback and processed value). If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real-time. The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner),” the IT department said in a statement.

AIS includes information presently available with the I-Tax Department. There may be other transactions relating to the taxpayer which are not presently displayed in AIS. Taxpayers should check all related information and report complete and accurate information in the Income Tax Return. The taxpayers are requested to view the information shown in AIS and provide feedback if the information needs modification. The value shown in TIS may be considered while filing the ITR. In case the ITR has already been filed and some information has not been included in the ITR, the return may be revised to reflect the correct information.

The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in). The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational

What if there is an error in AIS?

In case a taxpayer finds an error in his/her AIS, as mentioned above, the taxpayer should provide online feedback for the same. Follow the steps below to correct the mistakes in AIS.

Step 1: Login to your e-filing account on the government's portal at www.incometax.gov.in

Step 2: Once logged in, select 'Annual Information Statement (AIS)' under the 'Services tab'.

Step 3: On the webpage, select 'AIS'. On your screen, two options will be visible to you - Taxpayer Information Summary (TIS) and Annual Information Statement (AIS). Click on AIS.

Step 4: On your screen, Part A and Part B of AIS will be shown. Select the information that is not correct. Select 'Optional' to submit your feedback.

Step 5: From the drop-down menu, select the option which is applicable to you. There will be 7 options available to you:

a) Information is correct

b) Transfer not in the nature of sale

c) Income is not taxable

d) Information is not fully correct

e) Information relates to other PAN/Year

f) Information is duplicate/included in other information

g) Information is denied

You might be asked for additional information depending on the option selected by you.

Step 6: Click on submit.

Once the feedback is submitted, the income tax department will automatically correct the information in your AIS. You might need to provide additional information depending on the option selected by you from the drop-down menu.

Source:https://www.timesnownews.com/business-economy/personal-finance/income-tax/article/how-to-rectify-errors-in-annual-information-statement-ais/834648
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