Taxpayers fear notices due to AIS discrepancies; CBDT says unfounded

Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded.

The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on Sunday.

Over 55.3 million returns were filed till 6 pm on July 31 against 57 million till December 31, 2021, the extended deadline for AY2021-22, according to the Income-Tax Department.

Ashish Bhatnagar, partner ANM & Associates Chartered Accountants, said various discrepancies