The Income Tax Department has issued a new alert for taxpayers. This alert from the department is regarding the updated ITR. The department has also given information about this by posting it on its X handle. The department has been asked to file updated income tax returns by March 31. Let us also tell you which taxpayers have been asked by the department to file updated ITR returns.
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As part of the e-Verification Scheme-2021, Income Tax Department (ITD) is in the process of sending communication to taxpayers pertaining to ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-à-vis information of specified financial transactions, as… pic.twitter.com/Vrfz3pZMRz
— Income Tax India (@IncomeTaxIndia) March 4, 2024
what did the department say
The Income Tax Department on Monday said that taxpayers whose cases have been identified under the e-verification scheme can file updated income tax returns for assessment year 2021-22 by March 31. There is a discrepancy between the information on financial transactions recorded in some ITRs filed by the Central Board of Direct Taxes (CBDT) for the assessment year 2021-22 (FY 2020-21) and the information available with the department.
Which taxpayers will have to provide information
In cases where returns have not been filed for assessment year 2021-22, but the department has information about high value financial transactions, they should also be scrutinized. In such a situation, under the E-Verification Scheme-2021, the department is sending information to the taxpayers regarding mismatched information. The Income Tax Department has asked such taxpayers to file updated ITR.