About Exception Reports

Exception reports are generated by validating the information to identify errors or blanks in the data. These errors are classified into the following categories:

1. Mandatory Errors:

   • Mandatory schema-level errors that must be resolved by the user for the successful generation of XML reports.

2. Defects:

   • Statement-Level Defects: These defects render the statement (Part A) defective. Statements with statement-level defects will be rejected, and the reporting entity must resubmit the statement.
   • Report-Level Defects: These defects render specific reports defective within the statement. A statement may contain multiple reports, and only reports with defects will be rejected. The reporting entity must correct and resubmit the reports within the corrected statement.

3. Exceptions:

   • Exceptions do not result in the rejection of the statement/report.
   • The reporting entity should review the exceptions, and if any information is available, provide it.
   • If any defects are noticed, the reporting entity must rectify them by submitting a correction statement.

Exception reports play a crucial role in identifying and addressing errors or blanks in the data, ensuring the accuracy and reliability of financial reporting.