Key Points
The Income Tax Department has identified certain mismatches between information furnished by third-party entities and income tax return (ITR) filed by taxpayers..
It is important to fix these mismatches as tax experts say that if an individual is unable to explain the reason behind the mismatch, they may get an income tax notice...
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," said the Income-tax department in a press release dated March 4, 2024...
This scheme provides an opportunity for individuals to update their income which they might have missed or not reported correctly while filing their ITR,This scheme may help taxpayers to explain certain financial transactions with evidence,The individual gets the chance to explain a transaction being verified before any further action by way of assessment or reassessment.Here's how the compliance portal works..
"The taxpayers who are unable to explain the mismatch may consider the option of furnishing an Updated Income Tax Return if eligible, to make good any under reporting of income," said the Income-tax department in the press release...
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CBDT identifies mismatches in ITRs, third party info
26, Feb, 24New Delhi, Feb 26 (PTI) The Income Tax department on Monday said it has identified mismatches in ITRs filed by some taxpayers and information on dividend and interest income received from third parties. In a statement, the Central Board of Direct Taxes (CBDT) said an on-screen functionality has been made available in the compliance portal […]