Income Tax: The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to remove the mismatch between the income and transactions recorded in the Annual Information Statement (AIS) and Income Tax Return (ITR) for the financial years 2023-24 and 2021-22.
Its purpose is to help such people who are not able to give information about their income and expenditure correctly. The statement said that such people have been included in the campaign, whose taxable income or important high value transactions are recorded in AIS. But they have not filed ITR for the relevant years.
People will get the correct information through the campaign
The government has information related to people’s income and expenditure, which is called ‘Annual Information Statement’ (AIS). If people have not given correct information in their Income Tax Return (ITR), then this campaign will give them information about it and they will be able to correct it. This campaign will also focus on those people who have earned a lot of money but have not paid tax. In this way, the government is encouraging people to follow the rules of paying tax.
Information will be given through SMS and email
The statement said that the campaign also includes those people whose taxable income or important high-value transactions are recorded in AIS. But they have not filed ITR for the respective years. This initiative is part of the execution of e-Verification Scheme, 2021. As part of this campaign, taxpayers and non-filers will be informed through SMS and email where differences have been identified between the transactions recorded in AIS and the ITR filed.
Purpose to remind and guide people
According to the statement of CBDT, the purpose of these messages is to remind and guide people who have not fully disclosed their income in their ITR. So that they can take advantage of this opportunity and file revised or delayed ITR for 2023-24. The last date for filing revised delayed ITR is 31 December 2024. Tax payers can file updated ITR till 31 March 2025 for matters related to the financial year 2021-22.
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