However, since this is a new document (launched by the tax department last year), there are several errors in the description. According to tax experts, mistakes are showing in the AIS of many taxpayers, which is making it difficult to file ITR.
Dr Suresh Surana, founder, RSM India, a tax consultancy firm, says, “This year many taxpayers are witnessing errors in the Annual Information Statement (AIS) issue. These errors could be the result of technical glitches on the new income tax portal. That the information in Form 26AS is updated but takes sufficient time to be updated in AIS. Otherwise, errors may arise as a result of incorrect information in the SFT statement like duplication of certain entries, information relating to different financial years etc.”
According to tax experts, the errors that are being noticed in AIS are as follows:
a) Error in duplication of some entries like capital gaininterest income etc.
b) Wrong amount reflected in AIS. For example, the amount deposited in a mutual fund shows the increased amount in AIS as opposed to the actual amount.
c) Information relating to the taxpayer is not reflected in his AIS.
d) In case of details like sale of assets with joint ownership, AIS reflects the total share instead of the actual share of the individual taxpayer.
e) Information relating to a different financial year is reflected in the current AIS.
Abhishek Soni, CEO, Tax2win.in – an ITR filing website, says, “While filing ITR, we are seeing errors in AIS of many taxpayers. Errors in AIS are making it difficult to file ITR. This is because someone The ITR needs to be ascertained. Correct figures should be mentioned in the ITR form. Once it is detected that there are errors in the AIS, it also needs to be rectified.”
If the errors in the AIS are not corrected, the person may receive an income tax notice from the tax department.
Can you file ITR first and correct AIS later?
With the deadline for filing ITR, i.e., July 31, 2022, fast approaching, can a person file ITR first and correct AIS later?
Soni says, “Yes, a person can first file his ITR based on the information he has and then rectify the mistakes in AIS. This will help individuals avoid missing out. ITR filing deadline,
Surana says, “It is pertinent to note that the purpose of AIS is only to collate the information available with the taxpayer. Thus, if the assessee taxpayer has sufficient documents for the financial transactions mentioned in the AIS, he can rely on the same. Provide feedback on the same and for improvement in AIS accordingly.”