Income Tax Department: Income Tax Department has given an opportunity to correct the mistakes made while filing returns. The benefit of this ITR U will also be available to those people who had not filed the return.
Income Tax Department: A very special information has come to light for those filing income tax returns. The Income Tax Department has fixed March 31 as the last date for filing updated returns (ITR-U). In fact, the IT department has received information about many taxpayers who have messed up the information in their returns or have not filed ITR at all. These people have been given the last chance by the department to correct their mistakes. They can correct these mistakes by filling ITR U.
Correct information about interest and dividend income was not given
According to the information received from the Income Tax Department, many taxpayers have not given correct information about interest and dividend income received from third parties in the income tax returns. Many taxpayers have not filed returns. The Income Tax Department has identified these people.
Besides, a chance has also been given to rectify the mistakes till 31st March. For this you will have to go to the e-filing portal and file an updated return. This information is being given by the department to the taxpayers by sending SMS and email.
Big transactions not disclosed in ITR
The Income Tax Department has received information about such financial transactions from various sources. This has been made available through Annual Information Statement (AIS). Taxpayers can see this easily. The Income Tax Department is trying to ensure that people pay taxes voluntarily and maintain transparency.
This mismatch has been found in some income tax returns filed in the assessment year 2021-22 (FY 2020-21). The department has come to know that there is a difference between the information given in the ITR and the financial transactions available with the IT department. Therefore, people have been given the opportunity to file updated returns.
Investigation against those who do not file ITR
Besides, investigation is also being done against those who do not file ITR after making big financial transactions. Under the e-Verification Scheme-2021, the department is sending information to these people through email. Through these, the department is requesting the taxpayers to check their AIS through the e-filing portal
https://eportal.incometax.gov.in. Also file ITR-U if required. If taxpayers are not registered on the e-filing website then they will have to register. If taxpayers are unable to correct the mismatch, they can still report the income correctly through an updated income tax return.
