Updated February 26th, 2024 at 20:11 IST

Income Tax Dept Takes Proactive Measures To Resolve Information Mismatches

The on-screen functionality enables taxpayers to reconcile mismatches directly on the portal, eliminating the need for additional documentation.

Reported by: Business Desk
Enjoy income tax benefits by following these simple steps | Image:ANI
Advertisement

Income Tax Dept on info mismatch: The Income Tax Department has identified discrepancies in interest and dividend income reported by third parties, compared to the corresponding details in taxpayers' Income Tax Returns (ITR). Some taxpayers have not filed their ITRs, adding to the issue, the government release stated on Monday. 

To address this, the department has introduced an on-screen functionality on the Compliance portal of the e-filing website. Mismatch details for Financial Years 2021-22 and 2022-23 are displayed on the portal. Taxpayers receive notifications about the mismatches through SMS and emails.

Advertisement

According to the release, registered users can directly access the compliance portal to view identified mismatches under the 'e-Verification' tab. Unregistered users can complete a straightforward registration process on the website. After registering, users can log in and navigate to the Compliance portal to address the mismatches.

The on-screen functionality enables taxpayers to reconcile mismatches directly on the portal, eliminating the need for additional documentation. This proactive approach aims to engage taxpayers in a structured manner, providing an opportunity to respond to the communication. “

Advertisement

“It is important to note that this communication serves as information and is not a formal notice,” the release added further.

Taxpayers who have reported interest income under the 'Others' category in Schedule OS of the ITR are exempt from responding to the interest income mismatch. The system will automatically resolve and mark it as 'Completed' in the portal.

Advertisement

For those struggling to explain the mismatch, an alternative option is to consider filing an Updated Income Tax Return if eligible, to rectify any underreported income."

 

Advertisement

Published February 26th, 2024 at 20:11 IST