Discrepancy in AIS - Big Time

Taxation
1

Question: Is there a quick way to file ITR and fix Zerodha & AIS reported discrepancies later if, trust me, its not possible to cross check each buy vs sell order.

Real Question: My real transaction feed from Zerodha and AIS are way too far apart. Plus I have 268 SFT transactions reported in AIS just for Equity (MF I couldn’t even look into). Compare it to my 541 settlements fetched from Zerodha automatically in Quicko. I see no way to match Buy & Sell orders the way its presented in AIS - Plus AIS only shows 100 transaction online or if I download to excel else it asks to do something with JSON. My bad luck, I do not have a personal laptop to install the utility to check AIS JSON and experiment. I am panicking - I didn’t do anything wrong. I haven’t slept for more than 4 hours in nights worrying about how to file ITR. I do not want a Tax Notice. I haven’t got a break from work and I am juggling between intense office pressure and figuring out how to fix & file tax on weekends for 3 weeks now. Enlighten me God.

2

Why dont you meet with a CA who will guide you and file tax returns.

3

AIS and Zerodha are both generated from the same source and is usually automated and there is no human intervention.

so have you checked if there is gap in your understanding of the reports or is there really a discrepancy?

Show an example of the discrepany.

4

I’m not so sure about this. See: Major issues with AIS for stock sales on Zerodha

Just stick to Zerodha values for filling your tax. No need to match every trade.

5

Thanks, I handed it over to a CA now.

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6

I could not check all due to JSON limitation but I found in one stock my cost price was Rs 1.4 lacs while AIS reported it as Rs 1.7 lac for same stock, cost acquisition price was higher than my selling price which was not the case.
As a side note, if AIS is pulled from Zerodha and Quicko is fetching detail from Zerodha and there is a discrepancy - I have no role to play if I did not add anything manually - someone needs to fix something somewhere. Why I am the scapegoat?

7

Its not just you then.

if you do not have the time to check, then hire a CA.

8

On advise of another member, I did hire a CA today (daytime). That was my surrender to system. Having “Earned” all many degrees but not in Finance made me feel like an illiterate. I bow down to the taxes, the CA’s & IT department - not because I am weak and they are intelligent, but because they know system and I have a family to take care of. I will sleep tonight - my CA knows how he is going to cross check AIS with real transactions - he won’t.

9

AIS is completely wrong for capital market transactions this year for me.

You can only trust it for FD and savings bank interest things

If you have only ITR-2, you can easily file yourself.

1 Like
10

This raises a serious concern with tax dept.

How are they generating AIS? what is their source?

They can’t be manually entering all the transaction details.

Anyone have any input on this?

11

With AIS, TIS & Form 26 & 16 don’t match in some cases

12

It is reported by the financial body or by the company that deducted TDS. The source is clearly mentioned in each row