ITR portal shows inflated income to some taxpayers; Rs 450 showed as Rs 45000. Here's what to do if you face similar issue

economictimes.indiatimes.com:

‘Compliance Portal’ launched by the Income-tax department is showing inaccurate/inconsistent financial information for several taxpayers, as per numerous complaints on social media and chartered accountants. As per chartered accountants, the compliance portal is showing highly inflated transaction value and advance tax liability.

In this regard the Income-tax department has said on X in a post dated March 11, 2024, “Based on feedback from taxpayers on the e-campaign for Advance Tax, the Department has identified certain inconsistencies in the data of the securities market (SFT-17) provided by one of the Reporting Entities.

The reporting entity has been asked to submit a revised statement based on updated information. Hence, the data on AIS will be updated.

Taxpayers are advised to wait for further updates on AIS based on the revised statement.”

Chartered accountants say that the 'Compliance Portal' is a step in the right direction but there exists certain errors which needs to be fixed. “The compliance portal is doing commendable work by providing the taxpayers with information about their financial transactions beforehand.

This portal helps taxpayers to make a complete disclosure of income in income-tax returns and avoid the possibility of tax notices due to omissions to include certain income in the ITR. However, in some cases, we have seen that the portal has grossly erred in calculating the mismatch between the information available and the transaction carried out by the assessee.