Income Tax Notice by Tax Department to Taxpayers for ITR Mismatch:

Income Tax Notice by Tax Department to Taxpayers for ITR Mismatch The Income Tax Department said on Monday that it is in the process of issuing notice to taxpayers about a mismatch between the information filed in the Income Tax Return (ITR) and the information of specified financial transactions available with the department for the assessment year 2021-22. The tax department has urged taxpayers to file updated income tax returns (ITRs) for the assessment year 2021-22 by March 31, 2024. This applies to individuals whose cases have been identified by the e-verification scheme due to discrepancies or missing information. The tax department stated that if taxpayers have not completed ITRs for the assessment year 2021-22 and the government has information on specific high-value financial transactions, they must evaluate and file amended forms. "In cases where ITRs for A.Y. 2021-22 have not been filed and, the Department is in possession of information of specified high-value financial transactions, the same also needs to be examined," said a statement issued by the tax department. As part of the e-verification scheme 2021, the department is communicating with taxpayers via their e-mail accounts as registered with the IT Department, according to the release. The Income Tax Department further asked taxpayers to view their Annual Information Statement (AIS) through the Income Tax Department's e-filing portal. By evaluating the AIS, they can discover any differences and file updated ITRs (ITR-U) as needed.