New Delhi: The Income Tax department is reaching out to taxpayers whose Annual Information Statement does not match with their Income Tax Return (ITR) filing for assessment years 2024-25, according to an official statement by the Central Board of Direct Taxes (CBDT). The CBDT is reaching out to taxpayers to via SMS and emails in case they missed out on ITR filing. CBDT said the outreach was part of its e-Verification Scheme launched in 2021.
As part of implementation of the e-Verification Scheme, 2021 , CBDT has launched an e-campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the AIS and those disclosed in ITRs for the F.Y 2023-24 and 2021-22.
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— Income Tax India (@IncomeTaxIndia) December 17, 2024
What is AIS?
Annual information Statement or AIS is the comprehensive document of a taxpayer’s total financial footprint. This document is accessible to taxpayers on the tax filing portal. AIS accounts for assessed value and updated value after receiving the taxpayer’s feedback. CBDT is reaching out to taxpayers to remind them if they have failed in making a full disclosure on their ITR.
Belated ITR filing
The CBDT is encouraging taxpayers to file belated ITRs or revised ITRs to rectify the mismatch in their AIS, according to CBDT. The deadline for revised or belated ITR filing is December 31, 2024. In cases related to AY23, taxpayers may file their revised ITR by March 31, 2025, according to CBDT. Taxpayers are also encouraged to share their feedback regarding discrepancies in AIS through the Income Tax e-filing portal. CBDT messaged taxpayers who failed to disclose foreign income in November 2024. This was related to ITRs for AY25.
ITR Filing: The Income Tax department shared an updated regarding outreach to taxpayers whose AIS fails to match with their ITR. This is aimed at promoting accurate tax reporting and also to address AIS discrepancies flagged by taxpayers, the CBDT said. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
