Key Points
The income-tax department has picked up 68,000 income-tax returns for e-verification for the assessment year 2019-20 on account of discrepancy in income involving high-value transactions, a top Central Board of Direct Taxes official said Tuesday...
CBDT chairman Nitin Gupta said the list included both corporate and individual income tax returns..
He said these were flagged by the system as the high value transactions picked by the annual information system (AIS) did not match with the returns filed...
He added that of all the cases selected, in 35,000 cases, which is 56% of total cases, taxpayers have already satisfactorily replied to the notice or filed updated tax returns...
The CBDT has made the e-verification process operational that allows the taxpayers to rectify and correct any discrepancies in their income tax returns filed and the information captured by the AIS, giving them opportunity to reply to the department...
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