ITR
AIS value partly wrong, not fully wrong
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Facts
AIS feedback has an option for information that is not fully correct, where you can enter the correct value. That modified value is then used when comparing with your return.
Provisions and law
- Sec 285BB, Income-tax Act 1961 (now Sec 510, Income-tax Act 2025)The department provides an Annual Information Statement showing information it holds about the taxpayer.
- Sec 285BA, Income-tax Act 1961Banks, registrars, mutual funds and others report specified high-value transactions to the department.
Analysis
Such gaps happen when a sale and a buyback or a cancelled trade are both reported. Enter the correct value with a short reason and keep the broker contract notes. Your return should show the true figures, not the AIS figure. If the department disagrees later, the contract notes will be your proof.
Conclusion
- Get contract notes or broker statement for the trades.
- Choose information is not fully correct in AIS feedback.
- Enter the correct value and reason.
- Respond to the campaign that your return shows the true figures.
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