Income Tax News: In an explanation that it has sent “communication” and “not a notice” to specific taxpayers regarding transactions they have made, the Income Tax Department tweeted on Tuesday. Furthermore, they stated that when there appears to be a discrepancy between the information obtained from the reporting entity and the disclosures made in the Income Tax Return (ITR), an advisory of this type is sent.
Correspondence Clarification
This is in response to some social media posts that brought attention to correspondence from the Income Tax department concerning discrepancies between data from ITR filings and TDS/TCS deductions. According to the income tax department, the purpose of these communications is to help taxpayers and raise awareness of the data that the I-T department has about the transactions that the reporting entities reported throughout the year.
Income Tax Department Responds to References
In a post on X , it said, “Some references have come to the notice of the Income Tax Department regarding recent communication sent to taxpayers pertaining to transaction(s) made by them. Taxpayers may pl note that such communication is to facilitate the taxpayers & make them aware of the information available with the ITD regarding the transactions reported by the Reporting Entities during the year.”
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