What Should I Do If AIS Shows Incorrect Income?

My issue involved dividend income rather than bank interest.

The amount shown in AIS was higher than what my broker's annual statement reflected. I contacted the broker first because they were the reporting entity, and they explained that a revised statement would be submitted to the tax department.

I waited until the revised information appeared before filing my return because my due date wasn't close. If your filing deadline is approaching, you may not have that flexibility, but I'd still recommend checking with the reporting institution before assuming the AIS is correct.

One thing I've learned is that AIS is an important reference, but it's not meant to replace your own records.

Every year I compare my AIS with Form 16, Form 26AS, bank statements, and investment reports. If something doesn't match, I investigate it before filing.

The AIS portal also allows taxpayers to submit feedback on certain entries if they believe the information is incorrect. That doesn't automatically change the data immediately, but it creates a record that you've identified a discrepancy. At the same time, contacting the reporting institution—such as your bank or broker—is often the quickest way to understand why the mismatch occurred.

I faced something similar last year when my AIS showed duplicate FD interest from one bank.

Before filing my return, I compared the AIS with my bank-issued interest certificate and statements. Since my records clearly showed a lower amount, I submitted feedback through the AIS portal explaining that the information appeared to be incorrect. I also contacted the bank to ask whether they had reported the wrong figure.

I didn't simply ignore the mismatch. I kept copies of my statements and interest certificate in case I ever needed to explain the difference later. Eventually, the bank confirmed there had been a reporting issue.