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.

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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.

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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

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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.

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