TIS original vs derived value

Save Share

This query is : Resolved

Quick Summary

A taxpayer reported interest income from their NSC on an accrual basis for four years, but the Post Office reported the full five years' interest upon maturity. After submitting feedback, the derived value in the Tax Information Summary (TIS) was corrected. The user is concerned whether the tax department will use the corrected derived value or the original incorrect value when processing their tax return. The consensus is that the return will be processed based on the derived value, though it may take time for the system to update and for a new pre-filled return to reflect the changes.

Ganesh

Ganesh (Querist)
Follow

08 July 2022 Hello,

Post office has reported all 5 years of interest in AIS on maturity of NSC.
I have been reporting on accrual basis for the last 4 years.

I have submitted AIS feedback and it was processed and the derived value in TIS is now correct.

Will the tax department consider the derived value in TIS while processing my return or the original value(which is incorrect)?

Thanks

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

08 July 2022 ITR will be processed on derived value.

Ganesh

Ganesh (Querist)
Follow

08 July 2022 Although IT dept. had mentioned that the ITRs will be prefilled with derived values from TIS,
this is not happening; ITRs are prefilled with the original values.
Hence the concern

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

09 July 2022 It takes some time by the system for the modification. Once it gets reflected in TIS, new prefilled ITR needs to be downloaded.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!