As a part of the e-Verification Scheme-2021, the revenue tax division is within the means of sending communications to the taxpayers for the mismatch in data in ITR AY 2021-22.
Income tax division says instances the place the ITRs haven’t been filed and, the division is in possession of knowledge of “specified high-value financial transactions”
The revenue tax division is within the means of sending communications to the taxpayers for any mismatch in particulars offered in ITR AY 2021-22 (FY 2020-21). It additionally mentioned that in instances the place the ITRs haven’t been filed and, the division is in possession of knowledge of “specified high-value financial transactions”.
“In some cases of Income Tax Returns (ITRs) filed for A.Y. 2021-22 (F.Y. 2020-21), a ‘mismatch’ has been identified, between the information filed in the ITR vis-à-vis information of specified financial transactions, as available with the Department. In cases where ITRs for AY 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 revenue tax division mentioned in a press launch dated March 4.
As a part of the e-Verification Scheme-2021, the division is within the means of sending communication(s) to the taxpayers for the mismatch in info pertaining to AY 2021-22 (FY 2020-21). This info is being communicated to the taxpayers by way of their e-mail accounts as registered with the revenue tax division, it mentioned.
What To Do Now?
The revenue tax division mentioned taxpayers must view their Annual Information Statement (AIS) by way of the e-submitting portal and file up to date ITRs (ITR-U), wherever discovered obligatory.
“Eligible non-filers can also submit updated returns (ITR-U) u/s 139(8A) of the Income-tax Act, 1961,” it mentioned within the launch.
What is Last Date for Filing Updated ITR?
Last date for submitting of up to date returns (ITR-U) for AY 2021-22 (i.e. for FY 2020-21) is March 31, 2024.
Income Tax Slab In 2020-21
In the monetary yr 2020-21, the federal government had given taxpayers the choice to decide on a brand new tax regime below Section 115 BAC of the I-T Act. The new I-T slabs was for people not availing or foregoing sure specified deductions or exemptions whereas computing whole revenue for tax function.
Under this, annual revenue as much as Rs 2.5 lakh was exempt from tax. Those people incomes between Rs 2.5 lakh and Rs 5 lakh wanted to pay 5 per cent tax. Income between Rs 5 and seven.5 lakh was taxed at 10 per cent, whereas these between Rs 7.5 and 10 lakh at 15 per cent.
Those incomes between Rs 10 and 12.5 lakh paid tax on the fee of 20 per cent, whereas these between Rs 12.5 and Rs 15 lakh paid on the fee of 25 per cent. Income above Rs 15 lakh was taxed at 30 per cent.
