Finance & Stock Market

The CBDT starts a campaign to alert taxpayers to discrepancies between their submitted ITR and AIS.

The CBDT starts a campaign to alert taxpayers to discrepancies between their submitted ITR and AIS.

By Kajal Sharma - 17 Dec 2024 10:14 PM

New Delhi: The income tax department announced on Tuesday that it is emailing and texting taxpayers and non-filers in cases where it has discovered discrepancies between the income reported in ITRs for the fiscal years 2021–2022 and 2023–2024 and the transactions reported in the Annual Information Statement (AIS). To help taxpayers resolve discrepancies between the income and transactions reported in the AIS and those declared in Income Tax Returns (ITRs) for the fiscal years 2023–2024 and 2021–2022—the Central Board of Direct Taxes (CBDT) announced in a statement that it has started an electronic campaign.Additionally, this effort targets people who have not filed ITRs for the relevant years but have taxable income or large high-value transactions recorded in their AIS.The program is a component of the e-Verification Scheme, 2021's implementation.

The program is a component of the e-Verification Scheme, 2021's implementation.Informational messages about discrepancies between transactions reported in AIS and filed ITRs have been delivered to taxpayers and non-filers via email and SMS as part of this campaign.A taxpayer's complete perspective of information is provided by the Annual Information Statement (AIS). Through the income tax department portal, taxpayers can view AIS and comment on the data it displays. Both the reported value and the modified value—that is, the value after taking taxpayer feedback into account—are displayed by AIS.

 

Newsletter

Subscribe our newsletter to stay updated every moment