Sometimes the transactions mentioned in the ITR and the actual transactions do not match. At the same time not included in ITR; But if the actual transactions come under the notice of the Income Tax Department, the taxpayer may get a notice.
Related news
- Income Tax: Constantly changing jobs, what to be careful while filing ITR?
- Why is there delay in getting ITR refund? Know the reasons
- Why is 'ITR-1 Sahaj' necessary for employees?
If there is a discrepancy between the information issued by the third party organizations and the ITR filed by the taxpayer, it is necessary to correct them in time. Because according to tax experts, if a person is unable to report the difference in the transaction, he may get a notice from the Income Tax department.
CBDT has made available a new online screen facility at https://eportal.incometax.gov.in to help the tax payer to find the discrepancy and process. This webportal is also known as 'Compliance Portal'. This scheme is called as e-verification scheme 2021.
According to the Income Tax department, in a statement dated March 4, 2024, differences were found between the financial transactions with third parties and the transactions included in the ITR in some cases in the return cases filed in 2021-22. Of course, its record is available with the department. If the Income Tax Department has information about high value transactions with third parties not included in the ITR for 2020-21, it should also be investigated by the taxpayer. According to a statement issued on February 26, 2024, the relevant income gap between the financial years 2021-22 and 2022-23 is currently being made available on the portal, but now it has been extended to the financial year 2020-21.
Cases will be settled automatically
If a person has income from other sources which is sufficient to register interest then he has to fill Schedule OS while filing ITR. If the taxpayer discloses the income in column Income from other sources in Schedule OS, he need not again answer the difference regarding interest income. The difference will be settled automatically and will appear on the portal.
This matter has been clarified by the Income Tax Department on February 26, 2024. According to tax experts, the reason behind this type of error is that in some cases, the computerized system of the Income Tax Department has made a mistake in understanding the interest offered by the bank and the interest offered by the taxpayers. (ITR)
The post If the figures in ITR do not match… appeared first on leader.