Serious issue in my AIS (Annual Information Statement) this year. I was checking the statement and saw the section which shows amount of bought securities. Common sense says that it should not be more than the income we have earned that year.
I only invest in mutual funds (no stocks). I will use figures like 60, 40 etc instead of real values for privacy. Here’s the problem I’m facing -
My Zerodha LM 250 fund investment (60) was reported correctly.
My Motilal Oswal funds (S&P 500 + Midcap 150) total investment (40) was reported TWICE — once by KFintech and again by CDSL.
So instead of showing my actual total investment (100), AIS shows 140 (60 + 80). That’s 40 extra from duplication.
What has actually happened is that the duplicate amount has been reported by CDSL under SFT17 and by kfintech under SFT18. And total purchase went from 100 to 140.
This is a big concern because my actual income is below 140, but AIS now wrongly implies I invested 140. Could trigger IT scrutiny for no reason.
I asked my friend to check his statement. He doesn’t trade. He simply invests. And all his Motilal Oswal investments have been counted twice as well.
Tagging @Quicko for help and @nithin for suggestions if maybe he can highlight this issue with kfintech/motilal oswal/cdsl or any other relevant party for a fix.
You can submit feedback to the income tax authority, for the incorrect information contained in the AIS.
Submitting a feedback against incorrect information in the AIS will act in your support in case it goes to scrutiny.
Q-9 How do I submit feedback on the information?
You can submit feedback on active information displayed under TDS/TCS Information, SFT Information or Other information by following below mentioned steps:
Step 1: Click on Optional button mentioned in the Feedback column for relevant information. You will be directed to Add Feedback screen.
Step 2: Choose the relevant feedback option and enter the feedback details (dependent on feedback option).
Step 3: Click Submit to submit the feedback
For more information, navigate to AIS under e-File/AIS menu after login.
Q-10 What will happen once I submit the feedback?
Upon successful submission of feedback on AIS information, the feedback will be displayed with the information and the modified value of the information will also be visible with the reported value. The activity history tab will also be updated, and you will be able to download Acknowledgement Receipt. Email and SMS confirmations for submission of feedback will also be sent.
For more information, navigate to AIS under e-File/AIS menu after login.
Q-11 Would I get any confirmation on submission of AIS feedback?
Yes, after successful submission of your feedback on AIS information, the activity history tab will be updated, and you will be able to download Acknowledgement Receipt of the same. Email and SMS confirmations for submission of feedback will also be sent.
Stock brokers don’t report any trades or P&L to the IT department directly. AIS data is fetched from Exchanges, Depositories, RTAs. If there are any inconsistencies, you can submit feedback to the IT portal and amend your returns. Read more 12
I know. I’m not blaming zerodha here. Just using this platform to share the issue and maybe bring it to the notice of other people who might have this issue but haven’t checked and realised yet. Also if @nithin could point it out to motilal oswal/cdsl, it may be resolved this year for everyone /may not happen next year.
Because it’s a lot of unnecessary time waste filing the correction. And if notices get issued inadvertently, even more wasted time for both ITD and taxpayers.