AIS/SFT in Income-Tax

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This discussion addresses common queries regarding the Annual Information Statement (AIS) and Statement of Financial Transactions (SFT) for income tax purposes. Experts clarify that AIS information is updated continuously, though there can be a time lag before it synchronises with the Income Tax Return (ITR) pre-filled data. It's noted that discrepancies between AIS/26AS and TDS schedules, particularly concerning dividend TDS, often arise due to these time lags, requiring manual input by assessees. For omissions or issues, it's advised to wait for records to synchronise before filing a grievance, as the system is currently undergoing compilation.

Rammohan

Rammohan (Querist)
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08 June 2023 Request Experts to clarify the following doubts about AIS/SFT. Thanks.
1. Is the AIS/SFT information updated from time to time? If Yes, how does an assessee come know when the update has been completed?
2. When AIS shows dividend information including TDS thereon, why is that the same TDS figures are not reflected in the TDS/TI/TTI schedules as a part of the pre-filled information? This means asssessees have to manually fill in the TDS details, thereby defeating the purpose of ease of filing the ITR.
3. 26AS TDS figures are said to be those that the I-T Dept. accepts as 'final'. However, in many cases, several TDS items in 26AS are not reflected in AIS and/or in the TDS schedule of the ITR. To which Section of I-T Dept should these omissions be brought to the notice of the Dept. in the form of a Grievance?

3.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 June 2023 1. Yes, continuous process..
2. Time lag between the AIS reporting and CPC updation.
3. Time lag between TRACEs and AIS compilation. Generally it takes about 10 to 15 days.
The present time is unsettled compilation, let the records synchronize before filing any grievance.

Rammohan

Rammohan (Querist)
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09 June 2023 Thank you very much, Dhirajlalji.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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09 June 2023 You are welcome.

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