Income Mismatch in ITR? Compliance Portal Can Help
Tax filing can be a stressful for many individuals, especially when they encounter discrepancies between the information they’ve reported in their Income Tax Returns (ITRs) and data furnished by third-party entities. Such mismatches can lead to potential tax notices and headaches for taxpayers. However, the Central Board of Direct Taxes (CBDT) has introduced a new initiative to ease this burden and assist taxpayers in rectifying these discrepancies effectively.
The Compliance Portal, launched under the ‘E-Verification Scheme 2021,’ aims to streamline the process of addressing income mismatches identified by the Income Tax Department. This online functionality, accessible through the Income Tax Department’s website, empowers taxpayers to reconcile and update their financial information accurately.
In a recent press release dated March 4, 2024, the Income-tax department highlighted instances of mismatches between the information provided in ITRs and data concerning specified financial transactions available with the Department. These discrepancies, often arising unintentionally, could result from various factors, including inadvertent acceptance of details in the Annual Information Statement (AIS) or errors in comparing interest amounts reported by banks and other entities.
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