The Income Tax Department (ITD) recently issued advisories to specific taxpayers regarding discrepancies between the information they disclosed in filed income tax returns (ITR) and data received from various reporting entities.
The ITD addressed the social media posts discussing communications about discrepancies in TDS/TCS deductions and ITR filing data, stating that these communications aim to assist taxpayers by informing them about the information held by the department regarding transactions reported by Reporting Entities throughout the year.
The entities include banks, financial institutions, participants in the stock market, mutual funds, and property registrars.
Some references have come to the notice of the Income Tax Department regarding recent communication sent to taxpayers pertaining to transaction(s) made by them.
— Income Tax India (@IncomeTaxIndia) December 26, 2023
Taxpayers may pl note that such communication is to facilitate the taxpayers & make them aware of the information…
Aarti Raote, Partner, Deloitte India, said, “Once the tax returns are filed as the first step, these are processed by the central processing centre (CPC) where any apparent mistakes/ mismatches are highlighted and sent to the taxpayers like missed interest or house property income or difference in TDS credit claimed etc. When a taxpayer receives this intimation, he should review the same, examine the difference and then accept legitimate additions. He can also refute differences on the portal that he doesn’t agree with, giving reasons.”
On its official X account, the Income Tax Department said on Tuesday: “Some references have come to the notice of the Income Tax Department regarding recent communication sent to taxpayers about the transaction(s) made by them. Taxpayers may note that such communication is to facilitate the taxpayers and make them aware of the information available with the ITD regarding the transactions reported by the Reporting Entities during the year.”
The post further stated, “It is not a notice sent to all taxpayers, but is an advisory sent in only those cases where there is an apparent mismatch between disclosures in the ITR & information as received from the Reporting Entity. The objective of the communication is to provide an opportunity to taxpayers & facilitate them to provide their feedback online on the Compliance Portal of ITD &, if necessary, revise their Returns already filed OR to file the Return if not filed so far.”
he last date for revising or filing the belated return for AY 2023-24 is December 31, 2023.
You can file your ITR even after the due date by visiting the official income tax department website, which offers provisions for filing belated returns.
A belated ITR refers to a return submitted after the initial due date, accompanied by a late filing fee of Rs 5,000 (or Rs 1,000 if the total taxable income is below Rs 5 lakh).
source by: Business Today News
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