Key Points
Many individuals have in recent times received email communication from the Income Tax Department about certain significant or high-value transactions being visible in the taxpayer's Annual Information Statement (AIS)..
According to a frequently asked question (FAQ) on the AIS/Compliance Portal, the Income Tax Department approaches the taxpayer for feedback on information received from various sources..
According to Naveen Wadhwa, VP, Taxmann, The communication visible in the AIS/Compliance Portal under the e-campaign tab is an intimation that the tax department has found certain information that does not match or is not commensurate with the income disclosed by the taxpayer in his ITR..
Since the deadline to file ITR-U is near, the tax department is sending emails pertaining to FY 2020-21 to some of the taxpayers stating that their case has been selected for e-Verification under e-Verification scheme 2021 visible under the tab "e-Campaign" after clicking "Notices" tab of the Compliance Portal..
The screenshot below shows the communication a taxpayer received from the income tax department, as visible on the AIS/Compliance Portal under the e-Campaign tab...
You might be interested in
Updated ITR filing deadline approaching! Some individuals receiving emails from income tax department; here’s why
26, Mar, 24Financial Literacy News: As the deadline for updating Income Tax Returns (ITRs) for the fiscal year 2020-21 draws near, many individuals have recently received emails from the Income Tax Department regarding significant transactions flagged in their Annual Information Statement (AIS). Here's what you need to know about these communications and how to address them:
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 […]
ITR portal shows inflated income to some taxpayers; Rs 450 showed as Rs 45000. Here's what to do if you fa
11, Mar, 24The Income-tax department said on X said that they have identified certain inconsistencies in the data of the securities market (SFT-17) provided by one of the Reporting Entities. It appears that due to this the Income-tax department's 'Compliance Portal' showed highly inflated transaction values for some taxpayers in their annual information statement (AIS). Some taxpayers say that their sale consideration of Rs 4 lakh got inflated to Rs 17 crore. There are many taxpayers who complained on X about the 'Compliance Portal' showing inflated transaction values in their AIS.