Why you shouldn’t rely on AIS for reporting stocks, MFs, derivatives in your ITR

Why you shouldn't rely on AIS for reporting stocks, MFs, derivatives in your ITR

The idea is to use it as a tax book while filing returns. However, instead of easing compliance, it has often increased the burden on taxpayers mostly because details related to equity transactions in the statement are inaccurate. To make matters worse, the onus of fixing the errors lies with the taxpayers.  Experts said the … Read more

ITR: What is Annual Information Statement? Where to access for making corrections

ITR: What is Annual Information Statement? Where to access for making corrections

The Income Tax Department Monday said it is in the process of issuing notice to taxpayers about ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-a-vis information of specified financial transactions, as available with the department, for the assessment year 2021-22 (FY 2020-21). The tax department urged taxpayers to access their Annual … Read more