AIS - Portal Data vs IT Filling

1. Purchase cost including expenditure to the purchase.

2. Total sale value received/receivable.

AIS  will show everything including saving and fixed deposit interest paid as per AY, the dividend paid, capital gain sale and purchase amounts of shares and mutual funds, etc. Example If you open your fixed deposit in 1st November 2021, Then it will calculate interest number to December, January to March, for the financial year 2021- 2022,  For the financial year 2022 -2023 April to June, July to September, and October, again if you renew your fixed deposit it will calculate interest November to December. some banks pay interest quarterly as per the financial year so it will show properly. The same will be in your bank statement. any FEMA transactions. Any Inward and outward foreign remittances All investments with the bank and with financial institutions Anywhere you are linked with your pan number all details will be recorded No chance to hide your income When you file your income tax return, you will find all data prefilled in the income tax return if you find any data is Wrongly prefilled you can change it. Even you will get Salary details from 16 data prefilled Including TDS deducted. So no chance of any mistakes, really good achievement in the income tax system, less work for income tax employees, everything will be checked by computers.
One day IAS Will replace form 26 AS

 

Thanks for your reply.

Reg capital gains, profit loss is not shown instead only value of transaction is show, In this case how will AIS verify whether my profit loss declartion is right ?

Regards

Sunil

IN MY CASE AIS SALE AND PURCHASE VALUES WERE RONG   SHOWING  PURCHASE 76000 AND SALE 86000,  AGAINST PURCHASE 81000  AND SALE 84000  IT WAS AN ICICI DIRECT TRANSACTION, SO THEIR IS FEED BACK BUTTON  WHERE YOU CAN FEED YOUR VALUES. THEN BOTH WILL SHOW YOUR VALUES WILL BE IN BRACKETS, TILL TODAY THEY NOT CORRECTED.

WHEN YOU FILE YOUR RETURN YOU FILE AS PER  YOUR BANK OR  BROKER OR NSE STATEMENT 

The question here is whats the point of AIS report  ( Insight System ) while profit / loss is determined by the user themselves ? There is no validation here by AIS system by IT dept.

- Sunil

It is same like 26as but here you have more details which are recorded. BSE or NSE of broker will provide information shares sale or purchase ID wise after tax deduction. Brokerage expenses you have to deduct in your ITR, as I told you in my case values they feeded were not matching. 

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