look news india
Income tax department: The Income Tax (IT) Department has launched on-screen functionality on the Compliance Portal of its e-filing website to address mismatch in third party information compared to IT Returns (ITR) of taxpayers. This information was shared by the department on 26 February.
The Income Tax Department said it has identified mismatches in the information received from third parties regarding interest and dividend income compared to the ITR of taxpayers. Especially for those taxpayers who have not filed their ITR.
Accessing the Compliance Portal
The on-screen functionality can be found here on the compliance portal of the e-filing website, where mismatch details for FY2021-22 and FY2022-23 are provided.
Based on the details available with the department, taxpayers will be informed about the discrepancy through SMS and email. The press note said that this is a communication to taxpayers and not a notice.
Users registered on the e-filing website can access the compliance portal by directly logging into their accounts. Mismatched details are found under the “e-Verification” tab.
The “Register” button on the e-filing website allows those who are not registered to sign up. After successful registration, users can log in and navigate to the compliance portal to view mismatches.
The on-screen functionality is user-friendly and allows taxpayers to reconcile mismatches directly on the portal without the need for additional documents.
Exception for interest income disclosure
Taxpayers who have disclosed interest income under 'Other' category in Schedule OS of ITR are not required to respond on interest income mismatch. These discrepancies will be automatically resolved and will appear as 'Complete' on the portal.
Taxpayers unable to explain the discrepancies may opt to submit updated income tax returns when eligible.
