Worried about income mismatch in ITR? Here's how the compliance portal can help you fix it with certain income
income tax return (ITR) filed by taxpayers. These mismatches are relating to financial year 2021-22 and 2022-23. It is important to fix these mismatches as tax experts say that if an individual is unable to explain the reason behind the mismatch, they may get an income tax notice.
To help individuals find the mismatch and then take action, a new on-screen online functionality has been made available on the income tax portal at https://eportal.incometax.gov.in by the Central Board of Direct Taxes (CBDT). The name of this web portal is 'Compliance portal' and the scheme is being called 'E-Verification Scheme 2021'.
«In some cases of Income Tax Returns (ITRs) filed for A.Y. 2021-22 (F.Y. 2020-21), a ‘mismatch’ has been identified, between the information filed in the ITR vis-à-vis information of specified financial transactions, as available with the Department. In cases where ITRs for A.Y. 2021-22 have not been filed and, the Department is in possession of information of specified high value financial transactions, the same also needs to be examined,» said the Income-tax department in a press release dated March 4, 2024.
Tax experts say that there could be many factors for this mismatch error to occur. «In certain instances, we have seen that taxpayers had inadvertently accepted the details in the Annual Information Statement (AIS) twice via the feedback tab. This unintentional action has resulted in the system erroneously double counting the same income in the taxpayer's records, leading to subsequent
