The tax authority has introduced an on-screen feature on the e-filing portal for taxpayers to address any discrepancies. Income Tax department has revealed an on-screen feature on its e-filing portal after identifying ‘mismatches’ between taxpayers’ filed Income Tax Returns (ITRs) and information received from third parties concerning interest and dividend income.
The information regarding mismatches for Financial Years 2021-22 and 2022-23 is currently displayed on the Compliance portal. Taxpayers are being notified of these mismatches via SMS and emails based on available Department data.
The on-screen feature, as mentioned by the IT department, is self-contained, enabling individuals to reconcile the discrepancies on the portal directly by responding.
The process does not require any document submission and is a proactive approach by the Department to engage with taxpayers and provide them with a structured way to address the communication. However, this communication should not be considered as a notice.
To view the discrepancy, registered users can directly access the Compliance portal after logging into the e-filing website. On the other hand, non-registered users must first register on the website by providing the necessary details and setting up their account. After registration, they can log in to view the mismatch on the Compliance portal.
Individuals who have disclosed their interest income under the ‘Others’ category in their ITR need not respond to the mismatch as it will resolve automatically and show as ‘Completed.’ Moreover, taxpayers who are unable to provide an explanation for the discrepancy may need to submit an updated ITR if they are eligible, according to the IT department.
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