Income Tax Department To Send Formal Notice For ITR Mismatch for FY 2020-21:

Income Tax Department To Send Formal Notice For ITR Mismatch for FY 2020-21 Regarding possible discrepancies found between the data provided in taxpayers' Income Tax Returns (ITRs) and the Department's records of particular financial transactions for the assessment year 2021–22 (financial year 2020–21), the Income Tax Department has started the process of formally notifying taxpayers. For the assessment year 2021–22 (financial year 2020–21), the Income Tax Department encourages individuals who received alerts about anomalies in their income tax filings to file amended forms by March 31, 2024. This is particularly applicable to those who have been recognized via the e-verification process since their information is either missing or inaccurate. The tax department also announced that after thorough review, those who haven't submitted Income Tax reports for the assessment year 2021–22 but the agency has information on certain high-value financial transactions connected to them, must file revised reports. Regarding possible discrepancies found between the data provided in taxpayers' Income Tax Returns (ITRs) and the Department's records of particular financial transactions for the assessment year 2021–22 (financial year 2020–21), the Income Tax Department has started the process of formally notifying taxpayers. For the assessment year 2021–22 (financial year 2020–21), the Income Tax Department encourages individuals who received alerts about anomalies in their income tax filings to file amended forms by March 31, 2024. This is particularly applicable to those who have been recognized via the e-verification process since their information is either missing or inaccurate. The tax department also announced that after thorough review, those who haven't submitted Income Tax reports for the assessment year 2021–22 but the agency has information on certain high-value financial transactions connected to them, must file revised reports. "In cases where ITRs for A.Y. 2021-22 have not been filed and, the Department has information of specified high-value financial transactions, the same also needs to be examined," the statement from the tax department stated. Under the e-verification scheme-2021, the Income Tax Department is contacting taxpayers using the email addresses they have registered, in an effort to promote compliance and guarantee transparency. They also advise taxpayers to use the department's e-filing system to access their Annual Information Statement (AIS). By giving customers a thorough picture of their financial data, this AIS enables them to spot any discrepancies with their ITRs and, if necessary, file amended returns (ITR-U). The tax department has included this data to the AIS section of the e-filing portal in an effort to promote voluntary compliance and openness. This encourages correct ITR reporting by making it simple for taxpayers to obtain and review their financial records.