Income Tax News: There is significant news for you if you filed an Income Tax Return (ITR) for the years 2021–2022 and 2022–2023. It’s possible that some of the errors in your ITR need to be fixed. According to the Central Board of Direct Taxes (CBDT), certain income tax returns and third party data had inconsistencies (mismatched ITR details), which the taxpayers must fix.
Income Tax Department’s Discovery
On Monday, the Income Tax Department announced that it had discovered inconsistencies between the information regarding dividends and interest income received from third parties and the income tax forms that certain taxpayers had filed. The Central Board of Direct Taxes (CBDT) stated in the statement that taxpayers can voice their opinions through the compliance portal’s e-filing website, https://eportal.incometax.gov.in. However, plans have been put in place.
Discrepancies Between Third-Party Data and ITR
The information obtained from third parties about interest and dividend income and the income tax returns (ITR) submitted by taxpayers have been found to differ in certain instances, according to the Income Tax Department. It stated that taxpayers have frequently failed to file their ITRs. There are currently disparities in the data on 2021–22 and 2022–23 on the e-filing compliance portal.
Correction Steps on E-filing Website
On the screen of the e-filing website’s compliance portal, “https://eportal.incometax.gov.in,” steps have been taken to allow taxpayers to offer their input for the correction of inconsistencies. According to information held by the government, taxpayers are also being notified about the disparity by email and SMS, according to CBDT.
It stated that in order to correct the instance of underreporting income, taxpayers who are unable to explain the discrepancy may want to think about filing an updated income tax return. According to CBDT, information about the disparities that were found would be accessible through the portal’s “e-verification” button.
