Active Stocks
Fri Apr 19 2024 15:56:00
  1. Tata Steel share price
  2. 162.10 1.31%
  1. Tata Motors share price
  2. 963.20 -0.84%
  1. NTPC share price
  2. 350.90 -0.14%
  1. ITC share price
  2. 424.80 1.40%
  1. Power Grid Corporation Of India share price
  2. 281.70 0.54%
Business News/ Money / Personal Finance/  Income-Tax Department implements e-verification to address ITR 'mismatches'. Here's what to do
BackBack

Income-Tax Department implements e-verification to address ITR 'mismatches'. Here's what to do

The Income-Tax Department said it has identified discrepancies in the information received from third parties regarding interest and dividend income when compared to taxpayers' ITR. Notably, some taxpayers have not filed their ITR, it added.

The on-screen functionality can be found on the Compliance portal of the e-filing website Premium
The on-screen functionality can be found on the Compliance portal of the e-filing website

The Income Tax (I-T) Department has introduced on-screen functionality on the compliance portal of its e-filing website to address "mismatch" in information from third parties compared to taxpayers' I-T Returns (ITR), it said on February 26.

The I-T Department said it has identified discrepancies in the information received from third parties regarding interest and dividend income when compared to taxpayers' ITR. Notably, some taxpayers have not filed their ITR, it added.

Also Read | Income Tax: 5 high-value cash transactions may attract I-T notice

Accessing the Compliance Portal

The on-screen functionality can be found on the Compliance portal of the e-filing website here where details for mismatches for FY2021-22 and FY2022-23 have been made available.

Taxpayers will be informed about the mismatches through SMS and emails based on the details available with the Department. The release added that this is a communication to taxpayers and not a notice.

Also Read | Income Tax: Investing the equity proceeds in ELSS before March 31 will save you tax. 5 key provisions explained

Registered users on the e-filing website can directly access the Compliance portal by logging into their accounts. Mismatch details are found under the “e-Verification" tab.

For those not registered, the “Register" button on the e-filing website allows them to sign up. After successful registration, users can log in and navigate to the Compliance portal to view mismatches.

The on-screen functionality is user-friendly and allows taxpayers to reconcile mismatches directly on the portal without the need for additional documents.

Also Read | Opted for old tax regime? NPS to Bank FD. Explore the last-minute income tax saving options for taxpayers

Exception for Interest Income Disclosure

Taxpayers who have disclosed interest income under the 'Others' category in Schedule OS of the ITR need not respond to interest income mismatches. These discrepancies will be automatically resolved and reflected as 'Completed' on the portal.

Taxpayers unable to explain mismatches may choose to submit an Updated Income Tax Return if eligible.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 27 Feb 2024, 11:27 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App