Income Tax Department to send notice to taxpayers for ITR mismatch

 

The Income Tax Department has said that it is in the process of issuing notice to taxpayers pertaining to a ‘mismatch’ between the information filed in the ITR vis-a-vis information of specified financial transactions, as available with the department, for the assessment year 2021-22

The tax department urged the taxpayers to file updated income tax returns (ITRs) for the assessment year 2021-22 by March 31, 2024

The Income Tax Department on Monday said it is in the process of issuing notice to taxpayers pertaining to a ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-a-vis information of specified financial transactions, as available with the department, for the assessment year 2021-22 (FY 2020-21).

The tax department urged the taxpayers to file updated income tax returns (ITRs) for the assessment year 2021-22 by March 31, 2024. This applies to individuals whose cases have been flagged under the e-verification scheme due to mismatches or missing information.

Also Read | Tata Motors to demerge businesses into two separate listed companies

The tax department said in cases where taxpayers have not filed ITRs for the assessment year 2021-22, and the department is in possession of information on specified high-value financial transactions, they also need to examine and file the updated 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 tax department statement read.

Also Read | SBI requests Supreme Court to extend deadline for sharing electoral bond data

As part of the e-verification scheme-2021, the department is sending communications to the taxpayers through their e-mail accounts as registered with the I-T Department, the release added.

The Income Tax Department further urged the taxpayers to access their Annual Information Statement (AIS) through the e-filing portal of the Income Tax Department. By reviewing the AIS, they can identify any discrepancies and file updated ITRs (ITR-U) if necessary

Also Read | Earthquake today: 3.2 magnitude quake hit Jammu and Kashmir's Doda

The tax department said to increase transparency and to promote voluntary tax compliance, this information is reflected in the AIS module and is available to the taxpayer for viewing.

Here’s your comprehensive 3-minute summary of all the things Finance Minister Nirmala Sitharaman said in her Budget speech: Click to download!



Comments

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices