The Central Board of Direct Tax has flagged 68,000 cases for the e-verification due to discrepancies & underreporting in income tax returns compared to AIS for the fiscal year 2019-20.
According to reports, the income tax office has found about 68,000 cases of e-verification due to underreporting of income on tax returns compared to the Annual Information Statement for the fiscal year 2019–20.
The e-verification procedure informs taxpayers of any discrepancies between the submitted Income Tax Returns and the Annual Information Statement (AIS) of their financial transactions. Although, the central board of direct taxes has lately corrected the 56% or 35,000 cases by either filing an updated tax return or replying to the notice. But still, there are 33,000 cases remaining to resolve, and have not yet received any notice from the taxpayers. The deadline for filing updated returns earned in the fiscal year 2019-20 is the 31st of March 2023.
The taxpayers can respond to the income tax department in reply to any explanations for discrepancies or mismatches flagged in their income tax returns by the IT department. The automated, non-intrusive e-verification approach helps voluntary compliance and lowers lawsuits.
A taxpayer has a deadline of 15 days to respond to the notice about the case being picked by the income tax department for e-verification.
Although the income tax department aims to complete a maximum case within 90 days sometimes the cases can be more complex and take longer than usual.
The e-verification scheme is first introduced in December 2021 the pilot project was brought into effect on September 2022. The chief of CBDT ( Central Board of Direct Taxes) advised taxpayers to be compliant with the AIS and report their income tax returns.
The Income Tax Department published an FAQ regarding the e-Verification Scheme on February 4th. The document aims to provide simplified guidance on the procedures and processes involved in the e-Verification Scheme, which was issued through Notification no. 137/2021 on December 13th, 2021.
The document avoids technical language from the Income Tax Act as much as possible to ensure easy comprehension.
These FAQs are informative and subject to the latest updates pertaining to the e-verification scheme 20211.
The section of the FAQ emphasized that the information provided should not be relied upon as a legal interpretation of the e-Verification Scheme, 2021, or the Income Tax Act, 1961.
Taxpayers are encouraged to make informed decisions regarding their tax matters based on this information.
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