Problem in AIS

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Quick Summary

A taxpayer sold a property for £86 lakh but their Annual Information Statement (AIS) incorrectly shows the sale consideration three times, totalling £2.58 crore. This mismatch has led to their TDS being prorated and an incorrect tax demand of £4 lakh. The user has submitted feedback via the AIS portal and is seeking information on the rectification timeline and whether a separate grievance needs to be filed to cancel the incorrect demand.

Rajiv

Rajiv (Querist)

15 January 2024 I sold a property in December 2022. I filed my income tax return showing the sale of property along with other incomes

But the problem is that in my AIS, the sale consideration for property is shown three times. For example i sold property at 86 lakhs but my AIS show 86 lakhs * 3 = 2.58 cr

In my return I showed sale value as 86 lakhs which is not matching the AIS. Due to this my TDS got prorated and I got a demand of Rs 4 lakhs which is incorrect.

How should I address this problem?

RAJA P M

RAJA P M (Expert)

15 January 2024 If you spot an error you can submit an online feedback form to the Income Tax Department for rectification.

Rajiv

Rajiv (Querist)

16 January 2024 Thanks a lot for quick reply.

Do you mean submit a feedback in AIS portal. I did the same yesterday hoping that my AIS would get rectified soon.

Some follow up question
1.) Any idea approx how much time it takes after submitting the feedback.
2.) I assume this would fix my AIS but the demand would not be cancelled automatically? Should I log the grievance to cancel the demand?

RAJA P M

RAJA P M (Expert)

16 January 2024 Yes I mean it will be file at the time of saw different in AIS. now it's very late, also it's too late after filling of ITR. So, better to wait for reply. File grievance with what mismatches in AIS.

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