The Income Tax department is currently initiating communication with taxpayers regarding disparities detected in the particulars provided in their Income Tax Returns (ITRs) for the Assessment Year (AY) 2021-22, corresponding to the Financial Year (FY) 2020-21.
Furthermore, the income tax department has indicated that it possesses information pertaining to "specified high-value financial transactions" for individuals who have not yet filed their tax returns.
According to a press release dated March 4, the income tax department remarked, "In certain instances of Income Tax Returns (ITRs) submitted for A.Y. 2021-22 (F.Y. 2020-21), a 'mismatch' has been identified between the information furnished in the ITR and the details of specified financial transactions accessible to the department."
The release further stated, "In scenarios where ITRs for AY 2021-22 have not been lodged, and the department holds information regarding specified high-value financial transactions, a thorough examination is necessary."
Under the e-Verification Scheme-2021, the department is presently endeavoring to reach out to taxpayers regarding the inconsistencies in information pertaining to AY 2021-22 (FY 2020-21).
These correspondences are being dispatched to taxpayers via their registered email addresses with the income tax department.
Taxpayers are advised to scrutinize their Annual Information Statement (AIS) via the e-filing portal and revise their ITRs (ITR-U) as needed. Additionally, the income tax department highlighted that eligible non-filers have the option to submit updated returns (ITR-U) under section 139(8A) of the Income-tax Act, 1961.
The deadline for filing updated returns (ITR-U) for AY 2021-22 (i.e., for FY 2020-21) is set for March 31, 2024.
