An annual information statement (AIS) is a comprehensive statement that contains details of the financial transactions done by you, irrespective of whether tax has been deducted or not. The AIS was launched by the Income Tax Department in November 2021. The AIS informs the taxpayer of information received by the Income Tax Department from various financial entities during the financial year.
The information in one's AIS is pre-filled with details (as mandated by law) that financial entities such as banks, mutual fund houses, your employers regarding the TDS that has been cut from your salary, and various sources of income such as dividends. interest (even if tax is not deducted) during a financial year.
If there is an error and you have not given feedback requesting a correction, then it may be assumed that the information in the AIS is correct and the Income Tax Department may ask you to explain the mismatch between the income tax return filed by you and the information in the AIS.
"If the taxpayer feels the information is incorrect, relates to another person/year, duplicated, etc., a facility has been made available to submit comments online. Feedback can also be furnished by submitting information in bulk," a statement said. Issued by the Central Board of Direct Taxes (CBDT) issued on November 1, 2021.
Here's a look at how you can correct errors in your AIS.
What if there is an error in the AIS?
In case the taxpayer finds an error in his/her AIS, as noted above, the taxpayer must provide feedback online for the same. Follow the steps below to correct the mistakes in AIS.
Step 1: Log in to your e-filing account on the government 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, you will see two options: Taxpayer Information Summary (TIS) and Annual Information Statement (AIS). Click on AIS.
Step 4: On your screen, Part A and Part B of the AIS will be shown. Select the incorrect information. Select "Optional" to submit your feedback.
Step 5: From the drop-down list, select the option that applies to you. There will be 7 options available to you:
a) The information is correct
b) Transfer not in the nature of sale
c) Income is not taxable
d) The information is not fully correct
e) Information relates to other PAN/Year
f) The information is duplicate/ included in other information
g) The information is denied
Additional information may be requested depending on the option you select.
Step 7: Click on Submit.
Once you submit the comments, the Income Tax Department will automatically correct the information on your AIS. You may be asked to provide additional information based on the option you selected from the drop-down list.
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