Benefits of Income Tax e-Verification Scheme, 2021

The Income Tax department has notified about the Benefits of Income Tax e-Verification Scheme, 2021.

Income Tax e-Verification Scheme:

It enables taxpayers to provide evidence to support their financial transactions. It aids in the cleaning and repair of data. The scheme promotes voluntary compliance. Before any further action such as Assessment or Reassessment is performed, the taxpayer is given the opportunity to explain a transaction that is being confirmed.

How It’s work?

Check financial transactions available in the AIS tab of your income tax account on the Official website.

If you disagree, raise an objection. They will check with the Source.

Benefits of e-Verification Scheme:

1. If the mismatch of information with the ITR continues, notice under the e-Verification Scheme may be issued.

2. All proceedings are conducted electronically under the e-Verification Scheme, 2021.

3. In such cases, the return of income can be updated u/s 139(8A) of the IT Act, 1961 subject to eligibility.

4. Your response to the notice issued under e-verification may help in the closure of the matter.