In this year the assesses must expect delays in their income tax refunds. For scrutinizing income tax returns (ITRs) the government has implemented a rigorous (Strict) new system using a specially designed, self-automated artificial intelligence (AI) software program.
The new AI program is made to validate the preciseness of all the data furnished in your ITR. Below is the working procedure of the system-
Gathering and Cross-Checking Data
Comprehensive Financial Analysis
Read Also: Easy to Claim & Check Status of Income Tax Refund Online
Verification of Property and Transactions
All gathered information will be compared with the data that you have shown in your ITR. It comprises cross-checking with the TDS data in Form 26AS. The program shall compute any differences in declared and undeclared income and furnish the demand notice u/s 143(1) if inconsistencies are discovered.
The same AI-ITR program has been tested successfully and is finalized and shall be executed for the first time this year. As to the extensive nature of the same new system, the ITR processing shall be delayed. It is anticipated that all the returns shall be processed by the last week of July or, at the latest, the first week of August.
The people who do not undergo income tax return (ITR) filing shall be scrutinized to ensure that all the data is accurate.
Hence the accuracy and tax assessment fairness shall be the objective to be improved by the new AI system, which would result in delays while processing of returns. To prevent any complications the assesses must be patient and ensure their filings are accurate.
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