The income tax department on Monday said it has identified "certain inconsistencies" in the data of the securities market provided by one of the reporting entities in the statement of financial transactions (SFT). In a post on X, the I-T department said based on feedback from taxpayers on the e-campaign for advance tax, the inconsistencies have come to light and the reporting entity has been asked to submit a revised statement to the department. "Hence, the data on AIS (Annual Information Statement) will be updated. Taxpayers are advised to wait for further updates on AIS based on the revised statement," the I-T department said. As per income tax rules, specified institutions are required to furnish SFT to the I-T department with the details of certain financial transactions or any reportable account registered/recorded/maintained by them during the year. The data submitted in SFT then gets reflected in the Annual Information Statement (AIS) of the taxpayer. "The Department has .. Read The Rest at :