Tuesday, April 16, 2024

Mismatch in filed ITR? What You Should Do Nexts

Earlier this month

The Income Tax Department announced that it is currently notifying taxpayers of a “mismatch” between the data included in their Income Tax Return (ITR) and the data on specific financial transactions that the department has on file for the assessment year 2021–2022 (FY 2020–21).

By Sunday, March 31, 2024, taxpayers are to file updated income tax returns (ITRs) for the 2021–22 assessment year, according to the tax department’s advice. This pertains to individuals whose cases the e-verification process has found because of inconsistencies or omissions of data.

Income tax: Four money-saving tips to get on track for 2024 | MintAccording to the tax department

Taxpayers must also review and file the amended returns if they haven’t finished their ITRs for the assessment year 2021–2022 and the government has information on particular high-value financial transactions.

The income tax department announced in a press statement dated March 4 that “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.”

According to the announcement, the tax agency is corresponding with taxpayers using their email accounts that are linked to the I-T agency as part of the e-verification programme 2021.

The Income Tax Department also encouraged taxpayers to use the e-filing facility to view their Annual Information Statement (AIS). They are able to spot any discrepancies in the AIS and submit updated ITRs (ITR-U) if needed. The tax agency claims that in order to increase openness and encourage voluntary tax compliance, taxpayers can examine this information, which is displayed in the AIS module.

For the 2020–21 fiscal year, the government offered taxpayers the choice to select a new tax regime under Section 115 BAC of the I-T Act. The new I-T slabs were intended for individuals who, in calculating their total income for tax purposes, did not utilise or forgo specific deductions or exclusions.

What is an Income Tax Appeal?

In the Event of an Income Tax Mismatch, Follow These Steps

There are two ways to access the compliance portal: by entering into the income tax return (ITR) portal and using a special internet address (https://eportal.incometax.gov.in), where the e-verification tab contains information on the discrepancy.

– Visit the websites mentioned above and seek for the “Compliance Portal” option under the “Pending Actions” page.

– Clicking on the “Verification” part will take you to a new website, https://ais.insight.gov.in/ complianceportal/everification.

After that, the income-tax department will provide you with a report of all the discrepancies they found.

Read More :- Do this work in March to save income tax! salary will not be deducted



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