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Initimation on AIS

ITR 85 views 1 replies

Lila

Job

537 Points Joined April 2018

Assessee does not have much of taxable income. A property was purchased by her husband last year, in which she is the joint owner. Now since this is significant information, it is reflecting in her AIS and 50% of the property value has been automatically allocated against her name. She has received an intimation about significant transaction not matching with her income from IT department.

What should be course of action for assessee. In AIS there is no place to write full detail about the transaction. It's only either you accept / partially accept / deny the information.

Replies (1)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9529 Points Joined December 2011

The assessee should respond to the intimation from the IT department by filing a revised AIS response or submitting a detailed expanation with supporting documents.

Check AIS details: Verify the property transaction entry in AIS and choose the appropriate option - accept, partially accept, or deny.
File a response: If the transaction is denied or partially accepted, submit a detailed explanation about the jont ownerhip and source of funds for the property purchase.
Submit evidence: Provide documents like the property deed, joint ownership agreement, and proof of husband's primary income or funding for the property.
Address income mismatch: Explain the assessee's low taxable income and clarify that the property value alloction in AIS does't reflect actual income.