The government has released a press release on the topic of implementation of the E-Verification Scheme 2021 which offers a solution for taxpayers who are facing mismatch issues by responding on the new ITR portal.
The scheme addresses the difference between the assessed ITR and their related financial records. By executing this scheme, taxpayers can make sure their tax returns are very accurate and compliant with the latest rules and regulations.
Latest Updates
- 5th March 2024: The I-T Department is getting ready to send messages to taxpayers about differences between the information they provided in their tax returns and the details of their financial transactions. This is for the tax returns of the financial year 2020-2021 (assessment year 2021-2022). Read More
As per the income tax department, some mismatches between 3rd party details on interest and dividend income and ITR filed via assesses have been fetched through them, and in distinct other matters, the assessees have not even furnished their Income tax returns.
References arrived at the notice of the income tax department for the apprehensions towards the recent communication sent to the assesses related to the transaction mismatch amount specified in the income tax return (ITR) furnished and the data available with the income tax department. The council observed the same and issued a press release specifying the problem.
I-T department solution for taxpayer’s mismatch of transaction amount shown in ITR
The Tax Department mentioned that to reconcile the mismatch, as per the operationality of the screen has been made available in the Compliance portal of the e-filing website https://eportal.incometax.gov.in/iec/foservices/ for taxpayers to furnish their response. Currently, the information mismatches concerned with the FY 2021-22 and 2022-23 have been shown on the Compliance portal. About the mismatch the assesses are alerted through the provided SMS and emails as per the information available with the department.
Assesses already registered on the e-filing website could navigate to the compliance portal post logging into their account. The determined information on the mismatches shall be available under the e-verification tab.
Assesses are required to enrol themselves on the e-filing website who are not enrolled on the e-filing website to view the mismatch. The “Register” button on the e-filing website can be clicked and the corresponding details can be provided therein for registration. Post successful registration the e-filing account could be logged into and the portal of compliance could be navigated to see the mismatches.
Also Read: Did You Receive Advisory on ITR Mismatches? Now What Next
The on-screen functionality is self-contained and authorizes assesses to reconcile the mismatch on the portal itself by providing their response. No document is needed to be provided. This is a proactive step that the Department takes to reach out to the taxpayers and furnish them a chance to respond to the communication in a structured manner. The said communication is not a notice the Income Tax department has clarified.
What happens if taxpayers’ interest income shown in ITR is not clearly mentioned under any ‘Others’ lines?
The Tax department specified that if the taxpayer has declared the income from interest in the ITR under the line item ‘Others’ in the Schedule OS then the individual is required to respond to the mismatch about the interest income. The specified mismatch will get resolved itself and will be shown in the portal as ‘Completed’.
The assesses can acknowledge the option to provide an updated ITR if eligible when fails to explain the mismatch to make the good any under income reporting.
