Annual Information System is Government New Experience introduction replacing in future Form 26 AS. Form 26 AS is Xray of Tax payers and ASI can be called MRI of Tax Payers. Many Pros and Cons are regularly being reported by the Tax Payers So Government of India in a Press Release declared that the AIS should be treated as informative now and will not be taken in Tax computation as the Data reported is by Third Party.
Expert differs on the views whether it is a Rollback. In my opinion this is not Roll back at all and is just a press release to avoid the anger of Tax payers over the newly created complications due to Huge wrong reporting specially by CDSL.
CDSL hold more than 3 Cr. D-mat accounts of Shareholders who are investing and Trading in Share Market through various exchanges.
While we trade or invest in Stock Markets then the Deliveries are being enrooted through CDSL or NSDL Share Bank. If we buy or Sell shares then the Delivery Received and being exited from CDSL are T1 or T2 basis and some time more delay. CDSL reporting to Income Tax the price when they receive and deliver the shares from their account which is completely mismatched every transactions. So according to my estimate CDSL has reported around 300 crores mismatched wrong Data to Income Tax which has created a panic and Big Anger in Tax Payers.
This is unfortunate for Tax Payers that responsible Officers making trials and experiments on Tax payers. Why the Tax payers should suffer for the wrong reporting mismatching. Why not CDSL first match their figures with the respective Brokers of Tax payers and then sent it to Tax Officials. Or why not Brokers are allowed to report directly to Tax Department like All Banks and Financial Institutions and Companies are sending Data to Tax Departments.
I trust the Anger of Tax Payers will not go vein and Government will certainly take some positive steps in this regards.
Moreover their is much scope to Reorganize the Tax structure where Wealthy and High Net worth Tax Payers First make expenditure and then Pay Tax and Salary Class first Pay Tax and then make expenditures.
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CDSL Reporting wrong units price of paytm (One communication ) i sell 11 units which is cost showing to me 90 lakh how this could be … ? , which is showing wrong numbers SFT got triggered
Income Tax department just want to confuse taxpayers by providing information in 3 formats AIS, TIS and 26AS. All 3 carry slightly different information. Taxpayer has to refer all 3. Can they give us combined information at one place?
Yes The CDSL data is total mess
and have got e-campiagn mails where asking feedback on every single transaction
What should we do ? Will CDSL be rectifying or what can be done now ?
Crores are in pains due to illegal and harassing experiments of Income Tax Department. Government of India has become deaf and dumb with Honest Taxpayers Problems. We are habitual of Slavery since long.
Report your figures using utilities on Gross level with Gross Annual Buying and Selling. Your Annual Purchase and Sales figures of Share trades will be visible along with CDSL reported figures simaltenously.
From the Day Government started experimenting with Tax Payers patience from that particular day I started crying on their foul games. But how much in India. When 130 crores of Indian citizens are divided on the name of Religion and caste and creed then we should make ourselves habitual of No voice against this Blood sucking Government. Our heard paid Tax money is expended on Luxary of Government Leaders and their Aids and facilities to those peoples who are fake Indians.
Despite of asking Data’s from CDSL Government should think to import dats from different brokers of Tax payers like data of interest from different Banks and Dividend income of different companies.
But All present and past Governments only hear when maximum of sufferers are dead.
AIS and TIS are created to just cover up the worthless new e filing system. More noise but no change. Normal tax payers are diligent. Thieves will be always there. The Tax Dept should not work hand in glove with the thieves and punish the honest tax payer , through a ton of garbage in the form of AIS and TIS and later embellish them with various awards like platinum, gold silver and bronze tax payers.. It is becoming a great Joke unfortunately on the FM by the GOI Honchos.
Dear Sekaran. Our Citizens are habitual of Slavery systems past Thousands of years. My Post has near 10 thousands views but only 7 comments of last one of You. We can not change system unless the Voice link ke you and Mr Soni does not rise by mistake millions of Tax Payers. You are absolutely right that FM is giving medals on papers to Taxpayers and Lot of Haressment in reality. If we report wrong data to Tax Department then penalty and Imprisonment will be made but imagine 300 crores Wrong figures reporting by CDSL has no Punishment because it’s Government own Child. Moreover Mutual Fund investors are also very tortured because Principal Formula of treatment of First Name as Owner and second person as beneficiary in place of first d missed has been denied. Really we can call full of Tax terrorism is n Country going on.
Great article . voice of tax payers. Government should take some action to save honest tax payers from additional overhead.
Not only CDSL, even Mutual fund transactions reported by RTA’s are causing too much of inconvenience.
In case of Joint holding, single transaction will be reported in each and every holders account.
In case, if the second holder doesn’t have taxable Income, he / she has to key in observation every time that the transaction does not belong to him.
If there are more than 2 Holders, imagine the hardship to segregate the transactions.
To overcome this, MF RTAs should be informed to report only First holder’s transactions.
We have politicians and bureaucrats majority of whom are arrogant ignorant autocrat whimsical irresponsible egotistical and corrupt.They are constantly busy in finding out new tricks which can create maximum harassment for the taxpayers and professionals and businesses people. Collection of unjustified revenue is the second important object.
I request you to suggest the Government to deduct tax as and when the units in mutual funds are redeemed beyond the threshold limits. Since they are having the data about the investment s, it will save the agony of investors.
We have politicians and bureaucrats majority of whom are arrogant ignorant autocrat whimsical irresponsible egotistical and corrupt.They are constantly busy in finding out new tricks which can create maximum harassment for the taxpayers and professionals and businesses people. Collection of unjustified revenue is the second important object.
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Deepak Soni ji. Your Anger is 100% justified. Here the justification is done on Vote strength. Lot of Farmers who enjoys Multiple crores in Punjab and other States are Tax Free, Allowances of MP and MLA are Tax Free and a poor Employees who is paid Deearness Allowance on the rates in which no items are available is Taxable. Salary is Not a Business and Dearness Allowance is actually a compensation to meet the cost inflammation is Unfortunate Taxable. You are correct the Politicians are Busy to preserve their Chair and wealth and Actual Tax Payers has No Voice. Terrific Conditions.