The Income Tax Department, earlier this month, announced that it is in the process of sending notices to taxpayers regarding a ‘mismatch’ between the information filed in the Income Tax Return (ITR) and the information of specified financial transactions available with the department for the assessment year 2021-22 (FY 2020-21).
The tax department advised taxpayers to file amended income tax returns (ITRs) for the 2021-22 assessment year by Sunday, March 31, 2024. This applies to persons whose cases have been identified by the e-verification process due to mismatches or missing information.
The tax department stated that if taxpayers have not completed ITRs for the assessment year 2021-22 and the government has information on specific high-value financial transactions, they must additionally examine and file the revised returns.
“In cases where ITRs for A.Y. 2021-22 have not been filed and, the Department is in possession of information of specified high-value financial transactions, the same also needs to be examined,” the income tax department notified in a press release dated March 4.
As part of the e-verification scheme 2021, the tax department is communicating with taxpayers via their e-mail accounts registered with the I-T Department, according to the release.
The Income Tax Department further urged taxpayers to view their Annual Information Statement (AIS) via the Income Tax Department’s e-filing portal. They can identify any differences in the AIS and, if necessary, file revised ITR (ITR-U). According to the tax department, this information is represented in the AIS module and may be viewed by taxpayers to boost transparency and promote voluntary tax compliance.
Under Section 115 BAC of the I-T Act, the government provided taxpayers with the option of choosing a new tax regime for the fiscal year 2020-21. The new I-T slabs were designed for persons who did not take advantage of or forewent certain specified deductions or exclusions when determining their total income for tax purposes.
In Case Of Income Tax Mismatch: Here’s What To Do
The compliance portal can be accessed in two ways: through a specific online address (https://eportal.incometax. gov.in) and by logging into the income tax return (ITR) portal, where information on the discrepancy can be found under the e-verification tab.
– Go to the websites indicated above and look for the ‘Pending Actions’ tab, where you’ll find a ‘Compliance Portal’ option.
– You will then be sent to a new website -https://ais.insight.gov.in/ complianceportal/everification , where you should click on the ‘Verification’ section.
– You can then get a list of all the mismatches discovered by the Income-tax department.
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