March 5, 2024: The Income Tax (I-T) Department is in the process of sending notices to some taxpayers for income tax returns (ITRs) filed for assessment year (AY) 2021-22 (FY2020-21). Notices will be sent to those taxpayers whose ITR information has a mismatch with the information received by the department through various sources.
“In some cases of ITRs filed for AY 2021-22, 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… Accordingly, as part of the e-Verification Scheme-2021, the department is in the process of sending communication(s) to the taxpayers for the mismatch in information pertaining to AY 2021-22 (FY 2020-21),” the ministry of finance said in a statement.
The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to the taxpayer for viewing.
The department will also examine cases where ITRs for AY22 have not been filed even though information available show occurrence of high-value financial transactions, it added.
This information is being communicated to the taxpayers through their email accounts.
“Vide the said communication, the department is urging taxpayers to view their AIS through the e-filing portal and file updated ITRs (ITR-U), wherever found necessary by the taxpayer. Eligible non-filers can also submit updated returns (ITR-U) under Section 139(8A) of the Income-tax Act, 1961,” it said.
The last date for filing of updated returns ITR-U for AY22 is March 31, 2024.
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