Income Tax Department Asks Taxpayers to Verify AIS, Report Discrepancies Directly on Portal

The Income Tax Department has issued an important advisory to taxpayers across India. You are urged to carefully review your Annual Information Statement (AIS) accessible on the income tax portal and submit feedback on any discrepancies observed.

What is the Annual Information Statement (AIS)?

The AIS is a comprehensive statement that contains details of various financial transactions undertaken by you during the financial year. This includes:

• Salary Income
• Interest Income from Savings Accounts, Fixed Deposits etc.
• Dividend Income from Stocks and Mutual Funds
• Securities Transactions (Buying and Selling of Shares)
• Property Transactions
• Other Relevant Financial Information

Why is it Important to Review Your AIS?

Reviewing your AIS meticulously is crucial as it allows you to verify the accuracy of the information reported to the Income Tax Department. Discrepancies in the AIS can lead to potential issues during income tax assessment and filing of Income Tax Returns (ITR).

How to Submit Feedback on Discrepancies

The Income Tax Department has streamlined the process for reporting discrepancies. Taxpayers can now submit their feedback directly on the income tax portal. The steps are as follows:

• Log in to the Income Tax e-filing portal.
• Navigate to the AIS section.
• Review the details presented in your AIS.
• If you notice any discrepancies, use the provided feedback mechanism to submit your concerns.

This direct feedback mechanism ensures that taxpayers can easily communicate any issues with their reported financial information, leading to more accurate tax assessments and hassle-free ITR filing.