IT Department intimates updation of AIS/TIS for FY 23-24

The Income Tax Department is now updating the Annual Information Statement (AIS) /Taxpayer Information Summary (TIS) for the financial year 2023-24.

Many Taxpayers are receiving following message:

“Dear (XXXXY1234X), Your Annual Information Statement PDF for F.Y. 2023-24 is now ready. Please visit Compliance Portal (AIS Homepage) to download – Insight Support”

The Annual Information Statement (AIS) is a comprehensive view of a taxpayer’s information provided on Form 26AS. Taxpayers can give feedback on the information displayed in AIS. Under each section (TDS, SFT, Other information), AIS displays both the reported value and the updated value (the value after taking into account taxpayer feedback).

Those taxpayers who had filed returns before completely relying on the previous AIS/TIS, need to be cautious as they may receive Income tax demand Intimation based on any mis-match. Because the updated statement will reflect those amounts that were not reflected earlier in the AIS/TIS.

These differences in the tax details will cause chaos. The department may take these differences in amount as wrongdoing of taxpayers to evade taxes and can send the demand notice.

Taxpayers need to be prepared before, even if the tax department asks for proof and scrutinises you, you have to have the previous documents on the basis of which you submitted the return.