The Income Tax Department is proactively addressing discrepancies in taxpayers’ Income Tax Returns (ITRs) by issuing formal ITR notices. These notices highlight potential mismatches between reported financial information and the department’s records for the assessment year 2021-22 (financial year 2020-21).
Taxpayers who have received ITR notices regarding such discrepancies are urged to update their returns by 31 March 2024. This call to action particularly targets individuals flagged under the e-verification scheme due to mismatched or missing data.
For those who haven’t filed ITRs for the same assessment year, but are linked to specific high-value financial transactions, updated returns are also mandatory. The department emphasises the importance of examining these cases closely.
To ensure transparency and ease compliance, the Income Tax Department is reaching out to taxpayers via their registered email addresses under the e-verification scheme-2021. Additionally, taxpayers are encouraged to access their Annual Information Statement (AIS) through the department’s e-filing portal. This statement offers a comprehensive overview of financial data, enabling taxpayers to identify and rectify inconsistencies in their ITRs.
In line with its commitment to transparency, the tax department has integrated this initiative into the AIS module of the e-filing portal, facilitating easy access to financial records. This proactive approach aims to promote accurate and voluntary compliance with tax regulations.
According to tax experts , ‘The Income Tax Department‘s initiative highlights the importance of accurate reporting and compliance. Taxpayers should promptly address discrepancies to avoid penalties.
For expert guidance on addressing ITR discrepancies, consider consulting our legal team at Vakilsearch. Don’t risk penalties, ensure compliance with the Income Tax Department’s requirements.
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