In view of the discrepancies in the information in the Annual Information System (AIS) of the Income Tax Department, in many cases the information of the taxpayers will be completely relied upon in the tax returns.
According to the information received by India, the Income Tax Department can also issue a circular regarding this in a few days. That is, even if there is a difference in the information of the AIS and the taxpayers, they may not have to face the tax notice.
In the new income tax portal, along with Form 26AS, other details of annual transactions made by the department, such as investments in shares and mutual funds, have also been added. According to the official associated with the matter, this has been done so that the taxpayers can get all the things related to their transactions at one place.
However, people have started having problems with this system. In this system, the pledged shares are seen in many cases as a sale. Also, there are problems in the selling price of shares. In share price system, the system is showing the closing price of the day, while the share was sold at the trading day’s price. Hence, there is a difference in the tax liability as well.
According to sources, the tax department will consider only the information given by the taxpayers as genuine in such cases. According to the information, the information being given through third parties is included in the AIR. In such a situation, it is not being used for the actual calculation of tax at present.
Taxpayers can raise objections
According to officials, taxpayers have the option to red flag these and they can give the information present in their original documents instead of them. According to the information given by the department, till December 3, more than 3 crore taxpayers have filed their returns on the new income tax portal. The last date for filing returns is December 31.
Tax experts Yogendra Kapoor told Hindustan that taxpayers should file returns only on the basis of their papers. There are many technical flaws in the income tax portal, due to which it is becoming difficult. He expressed the hope that in the coming days when these problems are over, then people will get a lot of ease.
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