CBDT campaign to resolve income discrepancies in annual statement, returns

People get opportunity to address discrepancies by filing revised or belated Income Tax returns for FY24 before December 31

The Central Board of Direct Taxes (CBDT) has started an electronic campaign to assist taxpayers in resolving discrepancies between income and transactions reported in their annual information statement (AIS) and Income Tax returns (ITR). The initiative, for financial years 2023-24 (FY24) and 2021-22 (FY22), also helps individuals who have not filed their ITRs despite having taxable income or significant high-value transactions reported in their AIS.

 

The campaign is part of the e-Verification Scheme, 2021, to simplify tax compliance and ensure transparency. As part of the drive, the Income Tax Department has sent informational messages via SMS and email to taxpayers and non-filers where mismatches have been identified between AIS-reported transactions and ITRs filed.

 

Filing deadlines for taxpayers

 

Taxpayers have an opportunity to address these discrepancies by filing revised or belated ITRs for FY24 before the deadline of December 31. For FY22, taxpayers can file updated ITRs by the limitation date of March 31, 2025.

 

Feedback mechanism via AIS Portal

 

Taxpayers can provide feedback on their AIS data through the AIS portal available on the e-filing website (https://www.incometax.gov.in/iec/foportal/). This feedback option includes the ability to disagree with the information reported, ensuring accuracy and transparency.

 

How to file a belated return

 

Access your account on the Income Tax e-filing website.

 

Click on ‘e-File’ and choose ‘Income Tax Returns’, then select ‘File Income Tax Return’.

 

Select the relevant assessment year for which you are filing the belated return.

 

Choose the appropriate ITR form based on your income sources.

 

Ensure all your personal details are accurate in the ‘Personal Information’ section.

 

Select Section 139(4): Scroll down to the filing section and select the option for belated return under Section 139(4).

 

Provide income details: Fill in your income details under the relevant heads.

 

Tax payment: If applicable, proceed to make any necessary tax payments.

 

Complete the filing process by verifying your return electronically. This step is crucial as the return will not be processed without e-verification

 

Steps for filing a revised ITR:

 

Go to the official Income Tax Department e-filing portal and log in to your account using your credentials.

 

Navigate to ‘Part A: general information.’ select "revised return" under Section 139(5) from the drop-down menu.

 

Enter the acknowledgment number and the date of filing of the original return in the relevant fields.

 

Select the appropriate ITR form applicable to your income category.

 

Make the required corrections or updates in the revised return form to rectify any errors or omissions in the original filing.

 

Verify all the details thoroughly before submitting the revised return.

 

Complete the process by e-verifying your revised return using any of the available methods (Aadhaar OTP, Net Banking, EVC, etc.).