The Income Tax Department has introduced an on-screen functionality on the compliance portal of the e-filing website. This has been done to address mismatches identified between third-party information on interest and dividend income and the filed Income Tax Return (ITR), the department said.
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In many cases, taxpayers have not even filed their ITR, the department said.
How to access this on-screen functionality?
For taxpayers who have already registered on the e-filing website, a direct path to the compliance portal is available after logging into their accounts.
The mismatches can be viewed under the "e-Verification" tab.
Those who are not registered on the e-filing website can do so by clicking the "Register" button on the website and providing the necessary details.
Once registered, users can log in to their e-filing accounts and access the compliance portal to view and reconcile the identified mismatches.
No documentation required
The on-screen functionality within the compliance portal is self-contained, eliminating the need for additional documents.
Taxpayers can reconcile the mismatches on the portal itself by providing their responses.
This initiative aims to provide taxpayers with a structured opportunity to address the discrepancies promptly, the department mentioned.
Proactive communication
To ensure that taxpayers are aware of the mismatches, the Income Tax Department is sending SMS and email notifications based on the details available with the department.
It is emphasised that the communication sent is not a notice but a proactive step to engage taxpayers in resolving the identified discrepancies.
Special consideration for interest income
Taxpayers who have already disclosed interest income under the line item 'Others' in Schedule OS of their ITR need not respond to the interest income mismatch.
The system will automatically resolve this mismatch, and the portal will reflect it as 'Completed.'
Options for unexplained mismatches
For taxpayers unable to explain the identified mismatches, the option to furnish an updated income tax return is available if eligible.
This provides an opportunity to rectify any underreporting of income.
(Edited by : Amrita)
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