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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.

Author Bio

Qualification: Graduate
Company: Retired SBI
Location: Bangalore, Karnataka, India
Member Since: 15 Jan 2022 | Total Posts: 1
Over 35 Years of Banking, Share Market, Financial Products, Insurance and other Mutual Funds Experience. High Net worth investors and Government Officers Liaisons. Presently writes on Economic affairs and Taxations puzzles and complications. View Full Profile

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8 Comments

  1. Sekaran says:

    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.

    1. Kedar Nath Agrawal says:

      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.

  2. kumaraswamy cv says:

    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.

    1. Deepak Soni says:

      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.

  3. Madan Lal Arora says:

    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.

    1. Deepak Soni says:

      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.

      Read more at: https://taxguru.in/income-tax/annual-information-system-sft-transactions-shown-tax-payers-individuals-portal.html?replytocom=328326#respond
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      1. Kedar Nath Agrawal says:

        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.

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