Reg AIS vs ITR records

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This query is : Resolved

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This discussion addresses discrepancies between AIS (Annual Information Statement) and ITR (Income Tax Return) filings, particularly when debt fund switches were missed. It explains that while ITRs might process without full AIS reconciliation initially, cross-verification is now being implemented. Future queries are possible if significant tax liabilities arise, as the initial intimation under Section 143(1) is not a final assessment.

Sunil Gavaskar

Sunil Gavaskar (Querist)
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31 July 2023 Team
We have filed ITR without noticing the AIS for past two years where in we missed debt MF switch -values - LTCG
How come ITR was successfully processed ? Is there not mechanism to compare ITR records vs AIS

If I leave it as such, will there be any future notice possibilities ? if so how can they raise notice, after ITR is successfully processed. Kindly explain

RAJA P M

RAJA P M (Expert)
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31 July 2023 Receive any incomes through the MF... otherwise it will be Investment, but no income...

Sunil Gavaskar

Sunil Gavaskar (Querist)
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31 July 2023 Switching from one scheme to other scheme is considered as Sale and Purchase. This sale part is considered for taxation as per IT rule. However there is no income received to us, for this switching of schemes.

Can you clarify the above based on IT rule on Debt MF funds

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 August 2023 AIS is still under construction stage. The cross verification has now started in stages. Two years before there was no cross verification.
If it is noticed in future, query might be raised depending upon the quantum of tax liability. The intimation received u/s. 143(1) is not the final assessment order.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 September 2024 Good Luck.

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