AIS (annual information statement)

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This query is : Resolved

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A query discusses whether to file a revised Income Tax Return (ITR) after discovering interest on a previous tax refund within the new Annual Information Statement (AIS), which was not present in the older Form 26AS. The user is seeking advice on whether to proactively include this interest or wait for a potential notice from the Income Tax Department.

Pranav

Pranav (Querist)

16 December 2021 My relative filed ITR for AY 21-22 one month back as per 26AS. He is supposed to get refund of around 25K. He was checking this new AIS (annual information statement) yesterday. AIS has interest from income tax refund about 4K (which he received for AY 20-21) which is not there in 26AS. So, should he file revised return now including this interest on income tax refund or leave it and wait for any notice from income tax department?

B Sathyanarayanan

B Sathyanarayanan (Expert)

16 December 2021 IF YOU FILE ALSO U WILL GET SAME ERROR , SO WAIT FOR DEPT NOTICE AND THEN REPLY ON SCN

Pranav

Pranav (Querist)

16 December 2021 Sir there is no error. ITR was filled successfully earlier. The interest on income tax refund was not added in previous ITR filing as it was not mentioned in 26AS. Now since this interest is mentioned in AIS, should we revise ITR adding this interest?