How fix errors in Annual Information Statement (AIS) to file ITR

Some 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.
• Discrepancies in mutual fund or stock market transactions.

How to correct the mistakes 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.
• i) Information is correct  
• ii)Transfer not in the nature of sale
• iii) Income is not taxable
• iv) Information is not fully correct
• v) Information relates to other PAN/Year
• vi) Information is duplicate/included in other information
• vii) Information is denied
• Select the one that applies to your situation.
• Click on ‘Submit’ to send your feedback for correction.
• Correcting errors in your AIS is crucial for several reasons:  

Accurate ITR filing: The AIS data is used to pre-fill your ITR form. Correcting errors ensures that 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.

Experts said, “Ensuring that the AIS accurately reflects your financial transactions helps determine the correct tax liability, and avoids underpayment or overpayment of taxes. Errors in the AIS can result in incorrect information being reported in your ITR. The tax authority uses the AIS to cross-verify the details provided in your tax return. Discrepancies between the AIS and the ITR can trigger scrutiny, leading to potential penalties, interest on unpaid taxes, and even other consequences. Correcting errors becomes very important to ensure compliance with tax laws and mitigates the risk of penalties.”