Original vs Derived values

ITR 372 views 3 replies

Ganesh

Engineer

68 Points Joined March 2020

Hello,

1. Will ITR be processed based on the derived values or the original values in TIS.

POst office has reported all 5 year interest on NSC this year(maturity) in AIS. I have been paying tax based on accrual basis last 4 years. I have submitted feedback (info belongs to previous years)and now the derived value is correct in TIS.

Will IT consider the derived values? Has anyone had any issues because of this descrepancy.

2. under feedback we can assign income to previous 5 years or future 5 years. In case of KVP if we need to assign it to previous 6th or 7th year what to do?

Thanks in advance

Replies (3)

CA Rashmi Gandhi

Chartered Accountant

86505 Points Joined April 2011

Derived value is considered

Rani

None

320 Points Joined January 2012

I have a peculiar problem in TIS. Dividend data in AIS and 26 AS are correct. But in TIS, dividend paid/credited (TCS/TDS) got added to dividends and is showing an inflated value in reported/processed/derived values. I have raised a grievance in CPC. They asked me to raise a ticket in compliance portal. They closed the ticket(s) without resolving the issue.

I cannot modify TIS, since the amount paid/credited and tax paid are correct.

If any of you know to solve this issue, it would be great.

Thanks