The Central Board of Direct Taxes (CBDT) has issued an important announcement for taxpayers regarding discrepancies between their Annual Information Statement (AIS) and Income Tax Returns (ITRs) for the financial years 2023-24 and 2021-22. This initiative aims to guide taxpayers in addressing mismatches and encourage timely resolution.
Key Highlights
- Electronic Campaign for Mismatch Resolution:
- Alerts sent to taxpayers and non-filers via SMS and email.
- Campaign targets individuals with mismatches between AIS and ITR disclosures.
- Includes taxpayers with high-value transactions not reported in ITRs.
- Purpose of AIS:
- AIS provides a comprehensive view of a taxpayer’s income and transactions.
- Taxpayers can review and provide feedback on AIS data through the income tax portal.
- Deadlines for Action:
- For FY 2023-24, file revised or belated ITRs by December 31, 2024.
- For FY 2021-22, file updated ITRs by March 31, 2025.
- Foreign Income Disclosure:
- Last month, CBDT targeted taxpayers with undeclared foreign income or assets.
- Alerts were based on information received under bilateral and multilateral agreements.
How to Address AIS and ITR Mismatches
Follow these steps to resolve discrepancies:
- Access AIS:
- Log in to the income tax portal and navigate to the AIS section.
- Review Information:
- Check reported and modified values in your AIS.
- Provide Feedback:
- Disagree with incorrect data by submitting feedback on the AIS portal.
- File Revised ITR:
- Correctly report your income by filing a revised or belated ITR if necessary.
- Updated ITR for Older Cases:
- For FY 2021-22, file an updated ITR before the limitation date of March 31, 2025.
Penalties and Compliance
Taxpayers failing to address mismatches or discrepancies may face:
- Penalties: Fines for inaccurate disclosures.
- Scrutiny: Increased chances of tax audits or scrutiny from authorities.
FAQs
What is AIS?
AIS (Annual Information Statement) provides a detailed summary of income and transactions for taxpayers, accessible via the income tax portal.
How do I resolve AIS and ITR mismatches?
Access the AIS on the e-filing portal, review the information, and file a revised or updated ITR if necessary.
What is the deadline for filing revised ITRs for FY 2023-24?
The last date for filing revised or belated ITRs for FY 2023-24 is December 31, 2024.
Who received alerts under this campaign?
Alerts were sent to taxpayers and non-filers with identified mismatches or undeclared high-value transactions in AIS.
What happens if I disagree with AIS information?
You can provide feedback on the AIS portal to dispute incorrect data.
What is the limitation date for updated ITRs for FY 2021-22?
Taxpayers can file updated ITRs for FY 2021-22 until March 31, 2025.
How does the CBDT identify foreign income or assets?
The CBDT uses data from bilateral and multilateral agreements to identify individuals with undeclared foreign income or assets.
What are the consequences of ignoring these alerts?
Failure to resolve discrepancies may lead to penalties, increased scrutiny, or other legal consequences.
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