CBDT implements e-verification Scheme-2021 to reconcile mismatches between third party information and ITR filed by Taxpayers
CBDT issues Press Release dated 26.02.2024 on Implementation of e-Verification Scheme-2021. This Press Release apprises that:
- The Income Tax Department has identified certain mismatches between the information received from third parties on Interest and Dividend Income, and the Income Tax Returns filed by the Taxpayers. Also mentioned that in many cases, the taxpayers have not even filed Income Tax Returns.
- In order to reconcile such mismatch, an on-screen functionality has been made available
In the Compliance portal of the e-filing website https://eportal.incometax.gov.in for taxpayers to provide their response. Presently, the mismatches relating to FYs 2021-22 and 2022-23 have been displayed on the Compliance Portal.
- Such mismatches can be spotted by the taxpayers through registration on the e-filing website and the taxpayers already registered there can navigate to Compliance Portal after logging into their account and find the identified mismatches under the “e-Verification” tab.
- It also clarifies that the said communication is not a notice and any mismatch due to disclosure of Interest Income in the ITR under the line item
‘Others’ in the Scheduled OS will get resolved on its own and will be reflected in the portal as ‘Completed’.
Further, CBDT asks 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.
For details, please refer the following:
CBDT Press Release dated 26.02.2024
PDF version is attached: Implementation-of-e-verification-Scheme-2021
DISCLAIMER: – The summary information herein has been compiled by our expert team of tax consultants based on CBDT Press Release dated 26.02.2024. While the information is believed to be accurate, we make no representations or warranties, express or implied, as to the accuracy or completeness of it. Readers should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, advice or solicitation. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.