AIS Data different from data in Return filed

Hello,

Filed ITR-2 on June 30th. At that time data in AIS and TIS (dividend, bank interest) were less than the amount arrived at  from bank statements. TDS data matched with 26 AS. Yesterday checked AIS and found that the bank interest data is slightly higher than the amount in the submitted ITR ( by around Rs.1500/- ). ITR2 is filed -  old tax regime. 80TTB is already fully utilized. Should a revised return be filed? Is it ok to pay the tax, interest and penalty if the department processes with  the AIS data or will there be another complications? Will this be considered as a defective return? What will happen to the carry forward capital loss if revised return is not submitted?  If AIS data is less than  data in the return, which data is used  by the department to process the return?  

Thanks in advance.

Rani

Replies (8)
Quick Summary
This discussion addresses a common issue where data in the Annual Information Statement (AIS) differs from the figures reported in a filed Income Tax Return (ITR). The user is concerned about a slight increase in bank interest reported in AIS after filing their ITR-2. The advice given suggests that it's generally better to file a revised return to avoid future complications, as the department often considers AIS data more authentic. While feedback can be provided on AIS, filing a revision with any additional tax liability is recommended. There's also clarification that revisions can be made until December 31st without penalty, and for minor differences, a demand notice might be issued.

Better to revise the return with any additional tax liability, to avoid any future complication.

Department is going to consider AIS data more authentic, unless assessee provides any feedback.

Thank you Sir. Any time frame? Should it be done before July 31st? 

You can revise the return any time before 31.12.2023 without any penalty.

If the interest income in AIS is higher than actual, then which income should we consider ?

Actual income earned in the FY... based on your passbook or any authentic document.

You can file Feedback in AIS report for any deficiency.

Thank you Sir

Most welcome.                       

AIS feedback is optional recently I have seen it has total mistakes also. If minor difference then they will send demand notice pay it or reply to notice with facts proof

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