​Taxpayers facing inflated income problem on the compliance portal with these transactions asked to wait; CBDT

economictimes.indiatimes.com:

advance tax payment liabilities have been facing problems of wrong or inflated incomes being shown in their Annual Information Statements (AIS). Taking cognisance of this issue, the Central Board of Direct Taxes (CBDT) has asked the taxpayers to wait for the updated data to be reflected on its 'AIS Compliance Portal' as certain financial data related to stock market and mutual fund transactions are being updated.
«Data pertaining to Information categories 'Sale of securities and units of mutual fund', 'Purchase of securities and units of mutual funds', 'Off market credit transactions' & 'Off market debit transactions' is being updated. Kindly wait for the updated data to be reflected on the portal,» CBDT stated on the AIS Compliance Portal website.

Since the fourth instalment of advance tax for individuals is due on March 15, 2024 for FY 2023-24, many individuals might be worried if they would be penalised if there is a discrepancy. Experts suggest that there is no need to be anxious about paying advance tax on such inflated/wrong transaction value data on AIS.

«Given the clarification by the Income Tax Department, there is no reason to be anxious in case of a mismatch. If there is any discrepancy in the AIS Compliance Portal, taxpayers should pay their advance tax liability on the basis of evidence and data they possess. Hopefully the data inconsistencies will be cured before the income tax return (ITR) filing dates,» says Anand Bathiya, vice president, Bombay Chartered Accountant Society (BCAS).

Also read: ITR