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News INCOME TAX

  • Nov 23, 2021
  • How to get errors in Annual Information Statement corrected

    The newly launched Annual Information Statement (AIS) is a comprehensive statement containing details of financial transactions done by you and reported by various entities (mostly financial institutions) to the tax department during an FY. Click here to read about what information the AIS will contain.

    The information in one's AIS is pre-filled with details (as mandated by law) shared by financial entities like banks, mutual fund houses, your employer regarding the TDS that has been cut from your salary and various sources of income such as dividend, interest (even if tax is not deducted) during a financial year. In case there is an error and you have not given feedback requesting a correction, then it may be assumed that the information reflected in 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.