CBDT Introduces ‘On-Screen Functionality’ to Reconcile Mismatch Between Third-Party Information & ITR
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- By Taxmann
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- Last Updated on 28 February, 2024
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Press Release, dated 26-02-2024
The Income Tax Department has identified certain mismatches between the information received from third parties on interest and dividend income and the Income Tax Return (ITR) filed by the taxpayers. In many cases, taxpayers have not even filed their ITR.
To reconcile the mismatch, an on-screen functionality has been made available in the Compliance portal of the e-filing website https://eportal.incometax.gov.in for taxpayers to provide their responses. The information mismatches relating to Financial Years 2021-22 and 2022-23 have been displayed on the Compliance portal. The taxpayers are also being made aware of the mismatch through SMS and emails as per details available from the department.
Taxpayers registered on the e-filing website can navigate to the Compliance portal directly after logging into their account. Taxpayers not registered on the e-filing website must register to view the mismatch.
The on-screen functionality is self-contained and will allow the taxpayers to reconcile the mismatch on the portal itself by furnishing their response. No document is required to be furnished. It is clarified that the said communication is not a notice.
Further, in case the taxpayers have disclosed the interest income in their ITR under the line item ‘Others’ in the Schedule OS, they need not respond to the mismatch pertaining to the interest income. The said mismatch shall be resolved on its own and will be reflected in the portal as ‘Completed’.
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