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Difference in statement and AIS report

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AJIT JAISWAL

27 Points Posted on 20 June 2022

There is deference in bank statements and AIS
report
in bank statements there is only one redemption of Mutual fund but in AIS it showing more than 3 number of redemption
what should i consider

Replies (3)

Quick Summary

This discussion addresses a common issue where a bank statement shows fewer mutual fund redemptions than the AIS (Annual Information Statement) report. The consensus is that the AIS report is generally accurate and should be considered correct. It's advised to check with the client for any other holdings and to download the mutual fund statement for all folios to compare directly with the AIS. Ignoring discrepancies could lead to queries from the income tax department.

CA Rashmi Gandhi

Chartered Accountant

44442 Points Posted on 20 June 2022

AIS report can't be wrong, just asked client about any other holdings.

PRAVIN VADNERE

AUDITOR

86 Points Posted on 20 June 2022

In case there is an error and you have not given feedback requesting a correction, then it may be assumed that the information reflected in AIS is correct and the income tax department may ask you to explain the mismatch between the income tax return filed by you and the information in the AIS.