Error AIS modification submitted

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An assessee incorrectly modified their Annual Information Statement (AIS) to show a share sale as a capital receipt instead of business income. Although the tax return was filed correctly reflecting capital gains, the AIS modification is showing errors. The user is seeking guidance on how to rectify the AIS after the return has been intimated, as direct modifications are not working and the system seems unable to accept the capital receipt classification.

V Ishu Hegde

V Ishu Hegde (Querist)

05 January 2025 A an assessment has sold unlisted shares of Rs 7500000 to B a dealer in shares on which TDS under sec 194Q of Rs.7500 has been deducted mentioned as sale of goods business receipts A the assessee has modified it in the AIS to capital receipts which is incorrect and should be the other option Information is not fully correct .The return of income is correctly filed the sum of Rs.7500000 as sale value of the shares and deduction of cost of acquisition Rs 4000000 leading to capital gains of rRs. 3500000 .The assessee had recd the notice for modification in AIS but despite repeated attempts to modify the the feedback shows error and no modification could be done it allows modification only in the figs. Whethercorrection in AIS can be made after intimation of the return is made and what is the procedure for the same or any other option to correct AIS is available?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

06 January 2025 Ask the deductor to rectify the return, if TDS on the securities was not deductible.

V Ishu Hegde

V Ishu Hegde (Querist)

06 January 2025 The error is in the correction made in AIS no modification in it can be made .what is the option available for correction after intimation is recd.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

06 January 2025 Based on the SFT report of the deductor AIS cannot be corrected now.

V Ishu Hegde

V Ishu Hegde (Querist)

06 January 2025 What are the option available for change in AIS after intimation of return

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

06 January 2025 AIS will not accept it as capital receipt in any case.
Declare it as income...

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