Inconsistencies noted in Sale Price per Unit in SFT-17 after Advance Tax e-Campaign will be Rectified, assures Income Tax Dept

SFT-17 inconsistencies will be rectified by an update of the AIS, Taxpayers are advised to wait for further updates on the AIS
Inconsistencies noted - Sale Price per Unit in SFT-17 - Advance Tax e-Campaign - Rectified - Income Tax Dept - taxscan

Following feedback from taxpayers regarding the e-campaign for Advance Tax, the Income Tax Department has detected discrepancies in the data of the securities market ( SFT-17 ) provided by a Reporting Entity. The Income Tax Department has instructed the reporting entity to submit a revised statement based on updated information, as indicated in a tweet from the Income Tax Department on ‘X.’

Consequently, the data on AIS will undergo an update. Taxpayers are advised to await further updates on AIS based on the revised statement, as mentioned by the Income Tax Department.

During the Financial Year (F.Y.) 2023-24, the Income Tax Department has received specific information about financial transactions carried out by individuals/entities. Through an analysis of taxes paid thus far in the current financial year, the Department has identified cases where the tax payments for F.Y. 2023-24 (A.Y. 2024-25) do not align with the financial transactions of the respective individuals/entities during the same period.

The Statement of Financial Translations ( SFT ) pertains to information related to high-value transactions that specified persons must report to the income tax department. Formerly known as the ‘Annual Information Return (AIR),’ the SFT aims to combat black money and expand the tax base.

To facilitate the pre-filing of the return of income, the CBDT has introduced the Income-tax (4th Amendment) Rules, 2021, incorporating the reporting of information related to dividend income. The Income-tax (4th Amendment) Rules introduce sub-rule 5A under rule 114E, specifying that the information should be provided in a prescribed form, at a specified frequency, and in a manner determined by the Director-General of Income Tax (Systems), with the approval of the CBDT.

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