Mumbai, July 10 -- The annual information statement (AIS), introduced by the Income Tax Department to enhance transparency, is instead creating hassles for taxpayers by reporting incorrect incomes, according to chartered accountants.

Introduced in 2021, the AIS gives a snapshot of financial transactions-ranging from securities and mutual funds to property deals and fixed deposits-during a fiscal year, sourced from multiple reporting entities such as banks, registrars, depositories, and sub-registrars.

Available on the Income Tax e-Filing portal, the AIS complements the form 26AS by providing an expanded view of various income streams and transactions that might attract tax implications.

However, it is often riddled with inaccuracies th...