Quick Summary
The Income Tax Department released an update on its Twitter handle dated 11th March 2024 as follows
Based on feedback from taxpayers on the e-campaign for Advance Tax, the Department has identified certain inconsistencies in the data of the securities market (SFT-17) provided by one of the Reporting Entities. The reporting entity has been asked to submit a revised statement based on updated information.
Hence, the data on AIS will be updated. Taxpayers are advised to wait for further updates on AIS based on the revised statement.
FAQ :
The Income Tax Department is updating the AIS because inconsistencies were found in the data of market securities (SFT-17) provided by a reporting entity.
The inconsistencies were identified based on taxpayer feedback during the e-campaign for Advance Tax, specifically concerning data from one reporting entity.
The reporting entity has been asked to submit a revised statement with updated information to correct the discrepancies.
Taxpayers are advised to wait for further updates on the AIS after the revised statement has been processed and the data is updated.
The Income Tax Department released an update on its Twitter handle on 11th March 2024.
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