Last Updated: March 28, 2024, 09:42 IST
The Income Tax Department additional urged taxpayers to view their Annual Information Statement (AIS) through the Income Tax Department’s e-submitting portal
The tax division suggested taxpayers to file amended earnings tax returns (ITRs) for the 2021-22 evaluation yr by Sunday, March 31, 2024
The Income Tax Department, earlier this month, introduced that it’s within the technique of sending notices to taxpayers concerning a ‘mismatch’ between the knowledge filed within the Income Tax Return (ITR) and the knowledge of specified monetary transactions out there with the division for the evaluation yr 2021-22 (FY 2020-21).
The tax division suggested taxpayers to file amended earnings tax returns (ITRs) for the 2021-22 evaluation yr by Sunday, March 31, 2024. This applies to individuals whose circumstances have been recognized by the e-verification course of because of mismatches or lacking info.
The tax division acknowledged that if taxpayers haven’t accomplished ITRs for the evaluation yr 2021-22 and the federal government has info on particular excessive-worth monetary transactions, they have to moreover study 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 earnings tax division notified in a press launch dated March 4.
As a part of the e-verification scheme 2021, the tax division is speaking with taxpayers through their e-mail accounts registered with the I-T Department, in keeping with the discharge.
The Income Tax Department additional urged taxpayers to view their Annual Information Statement (AIS) through the Income Tax Department’s e-submitting portal. They can determine any variations within the AIS and, if needed, file revised ITR (ITR-U). According to the tax division, this info is represented within the AIS module and could also be seen by taxpayers to spice up transparency and promote voluntary tax compliance.
Under Section 115 BAC of the I-T Act, the federal government offered taxpayers with the choice of selecting a brand new tax regime for the fiscal yr 2020-21. The new I-T slabs have been designed for individuals who didn’t make the most of or forewent sure specified deductions or exclusions when figuring out their complete earnings for tax functions.
In Case Of Income Tax Mismatch: Here’s What To Do
The compliance portal might be accessed in two methods: via a selected on-line handle (https://eportal.incometax. gov.in) and by logging into the earnings tax return (ITR) portal, the place info on the discrepancy might be discovered below the e-verification tab.
– Go to the web sites indicated above and search for the ‘Pending Actions’ tab, the place you’ll discover a ‘Compliance Portal’ choice.
– You will then be despatched to a brand new web site -https://ais.insight.gov.in/ complianceportal/everification , the place it is best to click on on the ‘Verification’ part.
– You can then get a listing of all of the mismatches found by the Income-tax division.
