Original vs Derived values

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Engineer
68 Points Posted on 08 July 2022

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

 

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On 08 July 2022 at 21:56 Report
Replies (3)
Quick Summary
This discussion explores discrepancies between original and derived values in the Tax Information Summary (TIS) for income tax purposes. A user is seeking clarification on whether the Income Tax Department will consider derived values, particularly concerning National Savings Certificate (NSC) interest reported in AIS. They also inquire about assigning income to previous years beyond the standard feedback options. Another user faces issues with inflated dividend values in TIS due to added TCS/TDS, despite correct underlying data, and seeks solutions after unsuccessful grievance attempts.

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Chartered Accountant
86505 Points Posted on 10 July 2022
Derived value is considered
1 Reply
On 10 July 2022 at 17:07
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None
320 Points Posted on 10 July 2022

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

1 Reply
On 10 July 2022 at 19:14
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Chartered Accountant
86505 Points Posted on 10 July 2022
If you want inbox me login details I will reply you after checking the issue.
1 Reply
On 10 July 2022 at 19:59

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