Steps to Correct Errors in Annual Information Statement for ITR Filing

Annual Information Statement

As the deadline for filing Income Tax Returns (ITR) draws near, some taxpayers may notice discrepancies in their Annual Information Statement (AIS). The AIS is a detailed record of financial transactions necessary for ITR filing. Errors in the AIS can complicate the filing process and draw scrutiny from tax authorities.

Understanding the AIS

The AIS consolidates a taxpayer’s financial transactions into one comprehensive statement. It includes details on income, taxes paid, bank transactions, investments, and other financial activities. The AIS is designed to simplify the ITR filing process by providing relevant data in one place.

Common Errors in AIS

  • Incorrect or duplicate income entries
  • Mismatched TDS (Tax Deducted at Source) details
  • Inaccurate high-value transactions
  • Errors in interest income from banks or post offices
Annual Information Statement

How to Correct Errors in AIS

  • Log in to the Income Tax e-filing portal at incometax.gov.in.
  • Go to the ‘Services’ tab.
  • Select ‘Annual Information Statement (AIS)’ from the dropdown menu.
  • You will see two options: Taxpayer Information Summary (TIS) and Annual Information Statement (AIS).
  • Click on ‘AIS’.
  • AIS will be displayed in two parts: Part A and Part B.

Carefully review the information in both parts.

    • Select the specific information that is incorrect.
    • Choose the option to submit your feedback.
    • A drop-down menu will appear with seven options:
      • Information is correct
      • Transfer not in the nature of sale
      • Income is not taxable
      • Information is not fully correct
      • Information relates to other PAN/Year
      • Information is duplicate/included in other information
      • Information is denied
    • Select the option that applies to your situation.
    • Click on ‘Submit’ to send your feedback for correction.

Importance of Correcting Errors in AIS

  • Accurate ITR Filing: The AIS data is used to pre-fill your ITR form. Correcting errors ensures you file an accurate return, reducing the risk of notices or scrutiny from the tax department.
  • Avoiding Discrepancies: Mismatches between your ITR and AIS can trigger notices from the tax department, leading to unnecessary stress and potential penalties.
  • Streamlining Tax Assessment: An accurate AIS facilitates smoother processing of your ITR and faster issuance of refunds, if applicable.
By following these steps, you can ensure that your AIS is accurate, making the ITR filing process smoother and avoiding potential complications with the tax authorities.

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