Today March 15 is advance tax deadline: Has CBDT fixed inflated income data in AIS Compliance portal?

economictimes.indiatimes.com:

AIS (Annual Information Statement) compliance portal, as it has been showing highly inflated data for certain specific types of transactions. The Central Board of Direct Taxes (CBDT) has said on its website that the inconsistent data(s) have been fixed and now the correct data has been updated as of March 15, 2024.
«You are also requested to compute your Advance Tax liability and pay the same on/before 15th March 2024. 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' has been updated, kindly check the same in AIS. Taxpayers are recommended to verify the correctness of the information displayed in AIS by providing the feedback,» said CBDT on their website as of March 15, 2024, 4pm.

Also read: How selling equities before March 31 can help you save income tax.

Experts commend CBDT for fixing the issue within a week. «Failure to address these errors promptly could lead to a higher advance tax liability for taxpayers, as their incomes may be inaccurately inflated due to the erroneous data presented on the AIS Compliance Portal. Hence, the tax department expedited the resolution process to prevent undue financial burden on taxpayers,» says Sandeep Agrawal, co-founder, TeamLease RegTech, a regulatory compliance company.

According to Mihir Tanna, associate director, S.K Patodia LLP, a CA firm, «Earlier this week our clients were shocked to see a mismatch between