ITD tweeted concerning the on-going e-verification strategy of tax returns.
The ITD urged the taxpayers to view their Annual Information Statement (AIS) by the e-submitting portal.
Income tax is a cost levied by the central authorities on the earnings of a person or enterprise in a monetary yr. Taxes are mainly a income for the federal government, which is utilised for growing the infrastructure of the nation, providing higher healthcare services, schooling and rather more. While submitting the tax, it’s essential to fill within the appropriate and related particulars. Now, for these taxpayers who had filed their earnings tax returns underneath the e-verification, there is a vital replace from the Income Tax Department (ITD). The final date to file the up to date ITR has additionally been declared.
The IT Department on Monday, March 4, shared that every one these taxpayers whose circumstances have been marked underneath the e-verification scheme must file their Updated Income Tax Return or ITR-U. It is a type that allows taxpayers to appropriate errors or omissions like underneath-reporting or incorrect reporting of their beforehand filed ITRs inside 2 years from the tip of the evaluation yr.
Taking to X, the IT Department shared, “As part of the e-Verification Scheme-2021, the Income Tax Department (ITD) is in the process of sending a communication to taxpayers pertaining to ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-à-vis information of specified financial transactions, as available with the Department, for ITRs filed for AY 2021-22 (FY 2020-21).” It additional added that this info is being communicated to taxpayers by their e-mail accounts which might be registered with ITD.
As a part of the e-Verification Scheme-2021, Income Tax Department (ITD) is within the strategy of sending communication to taxpayers pertaining to ‘mismatch’ between the data filed within the Income Tax Return (ITR) vis-à-vis info of specified monetary transactions, as… pic.twitter.com/Vrfz3pZMRz— Income Tax India (@IncomeTaxIndia) March 4, 2024
Further, it urged the taxpayers to view their Annual Information Statement (AIS) by the e-submitting portal and file up to date ITR-U wherever essential. This will guarantee transparency and promote voluntary tax compliance. It is vital to notice that eligible non-filers may file their ITR-U. The final date for submitting ITR-U for Assessment Year 2021-22 (that’s for Financial Year 2020-21) is March 31, 2024. In circumstances the place ITR haven’t been filed for AY 2021-22, however the division has intel about excessive-worth monetary transactions, then they are going to be underneath scrutiny.
So, who can file ITR-U or Updated ITR? Well, ITR-U may be filed by any taxpayer who has made an error or eliminated sure earnings particulars of their authentic return of earnings, belated return or revised return. Taxpayers may file ITR-U when they didn’t file the return or missed the deadline, selected the incorrect head of earnings, paid tax on the incorrect fee, or tried to cut back tax credit score.
