Karun, a client called the other day. While filing his spouse’s income-tax return, he panicked when he saw the Annual Information Statement (AIS). It showed that his spouse had made a huge amount of mutual fund investments, when she had not. He calmed down only after our office determined that those purchases had been made by Karun himself. His spouse was the second holder. We asked Karun’s spouse to use the facility provided in the new portal to mark transactions appropriately, so that there are no issues during assessment.
The Income-Tax (I-T) Department’s big initiative to automate its functioning and
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