Tax Dept. Urges Taxpayers to File Updated ITRs for Specified Financial Transaction Mismatches for AY 2021-22
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- By Chetan Kulasri
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- Last Updated on 6 March, 2024
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Press Release, dated 04-03-2024
The Income Tax Department employs various channels to gather information on taxpayers’ financial transactions. This data is integrated into the AIS module, enhancing transparency and encouraging voluntary tax compliance. However, instances of discrepancies, termed as ‘mismatches’, have been detected between the information provided in Income Tax Returns (ITRs) for the Assessment Year 2021-22 and the data on specified financial transactions available to the Department.
The Income Tax Department has initiated the e-Verification Scheme-2021 to address these discrepancies. As part of this scheme, communications are being dispatched to taxpayers, alerting them to the mismatches in their information for the Assessment Year 2021-22.
Taxpayers are encouraged to review their information on the AIS through the e-filing portal and they are advised to file updated Income Tax Returns (ITR-U). The last date for filing updated returns (ITR-U) for A.Y. 2021-22 (i.e., for F.Y. 2020-21) is 31.03.2024.
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