The Income Tax Department (ITD) has issued recommendations to individual taxpayers about disparities between information revealed in filed income tax returns (ITR) and data received from various reporting agencies.
The ITD responded to social media posts about communications about discrepancies in TDS/TCS deductions and ITR filing data, stating that these communications are intended to help taxpayers by informing them about information held by the department about transactions reported by Reporting Entities throughout the year. Banks, financial institutions, stock market participants, mutual funds, and property registrars are among the entities.
The Income Tax Department tweeted on its official X account 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 should be informed that such communication is intended to assist taxpayers and make them aware of the information available with the ITD on the transactions reported by the Reporting Entities throughout the fiscal year."
"It is not a notice sent to all taxpayers, but an advisory sent only in cases where there is an apparent mismatch between disclosures in the ITR and information received from the Reporting Entity," the post continued. The goal of the notification is to offer taxpayers an opportunity to submit input online on the ITD Compliance Portal and, if necessary, update their already filed returns OR file the return if it has not yet been filed." The deadline for modifying or filing the AY 2023-24 overdue return is December 31, 2023.
You can register your Income Tax Return even if it is past the due date by going to the official income tax department website, which allows you to file belated returns. A belated ITR is one that is filed beyond the initial due date and is accompanied by a late filing fee of Rs 5,000 (or Rs 1,000 if total taxable income is less than Rs 5 lakh).
