New Delhi: whilst filing income tax return for the financial year 2024-25, buyers who've completed mutual fund transactions are dealing with a strange trouble.
A error is has been visible of their AIS reporting. Lets know approximately this error and the way can it be averted, reports Dynamite information correspondent.
At some stage in the cutting-edge ITR filing season, there is a discrepancy in the AIS report of such taxpayers who've bought and bought mutual price range inside the final financial yr. In fact, of their AIS reporting, the equal mutual fund redemption or sale is being suggested 3 instances beneath SFT (specified economic Transactions).
What results in Confusion?
In step with specialists, this is happening because all of the 3 primary reporting entities – NSDL, CAMS and KFIN – have given exclusive reports of the same MF sale to the department. While in reality the mutual fund turned into sold handiest as soon as. With the identical information coming from three places, the AIS now shows three instances the sale amount, leading to confusion and inflated capital gains for buyers.
This is a traditional case of reproduction reporting from one-of-a-kind rtas (registrars and switch agents) or depositories because of overlapping statistics-sharing mechanisms which have been overlooked whilst preparing the AIS.
How to keep away from This?
According to specialists, taxpayers and specialists who depend on car-import of AIS records of their ITR filing software program might also emerge as putting forward three instances the MF redemption amount due to this glitch, which may additionally effect their tax liability. To keep away from this inconvenience, they ought to now not document their ITR till traders move-confirm this glitch with their real mutual fund statements or broking reports.
In line with experts, traders must constantly match mutual fund income with form 26AS, AIS and authentic fund house or demat assertion while submitting ITR. They have recommended no longer to blindly be given the entries given in AIS, specifically inside the case of mutual fund transactions.
What If ultimate Date ignored?
In case you leave out the cut-off date of september 15, 2025, you continue to have a hazard. Updated returns may be filed beneath section 139 (8A). Earlier this facility turned into restrained to 24 months, however now it's been accelerated to forty eight months. However, for this you'll should pay 60 to 70 percentage additional tax.
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