Key Points
However, many taxpayers are worried because they have been facing problems in figuring out their tax liability through the AIS (Annual Information Statement) compliance portal, as it has been showing highly inflated data for certain specific types of transactions..
The Central Board of Direct Taxes (CBDT) has said on its website that the inconsistent data(s) have been fixed and now the correct data has been updated as of March 15, 2024...
Taxpayers are recommended to verify the correctness of the information displayed in AIS by providing the feedback," said CBDT on their website as of March 15, 2024, 4pm...
"Failure to address these errors promptly could lead to a higher advance tax liability for taxpayers, as their incomes may be inaccurately inflated due to the erroneous data presented on the AIS Compliance Portal..
Senior citizens: Those who do not have any income from business or profession are exempt from paying advance tax, orPresumptive taxation scheme: Taxpayers who have opted for the presumptive taxation scheme under section 44AD or 44ADA must pay their entire income tax amount in one instalment on or before March 15 of the financial year..
