Why does my Annual Information Statement (AIS) from the IT dept show my sale price incorrectly?
The Annual Information Statement (AIS) provides information related to taxable income and Tax Deducted at Source (TDS) for a financial year. It contains information on financial transactions carried out by an individual and reported by various entities (financial institutions) to the income tax department.
If the information is incorrect, has been duplicated, or pertains to another taxpayer, the individual can submit feedback online.
With respect to the information presented on the sale of shares:
- Sale transactions are reported by the depository (for shares) or RTA (for mutual funds).
- The sale value is calculated based on the FIFO method.
- The purchase value and sale value are determined/estimated by the concerned depository/RTA, as applicable. Hence, the purchase and/or sale value may be incorrect as per the information given in your contract note.
- You will be able to modify both the purchase and sale value (if required) online, before filing your returns.
The broker (Geojit) has no role in this reporting; the depository/RTA reports their own estimated price which need not be correct. Please update information as per your contract note.