The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to assist taxpayers in resolving mismatches between income and transactions, the Ministry of Finance informed on Tuesday.
Central Board of Direct Taxes (CBDT)
The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to assist taxpayers in resolving mismatches between income and transactions, the Ministry of Finance informed on Tuesday.
The campaign is to assist taxpayers in resolving mismatches between the income and transactions reported in the Annual Information Statement (AIS) and those disclosed in Income Tax Returns (ITRs) for the financial years 2023-24 and 2021-22.
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It also targets individuals having taxable income or significant high-value transactions reported in their AIS but has not filed ITRs for the respective years. The initiative is part of the implementation of the e-Verification Scheme, 2021, it said.
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As part of this campaign, informational messages have been sent via SMS and email to taxpayers and non-filers where mismatches have been identified between transactions reported in AIS and the ITRs filed.
The purpose of these messages is to remind and guide individuals who may not have fully disclosed their income in their ITRs to take this opportunity to file revised or belated ITRs for FY 2023-24.
The last date to file these revised or belated ITRs is December 31, 2024, while for the cases pertaining to FY 2021-22, taxpayers can file updated ITRs by the limitation date of March 31, 2025.
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