The Income Tax (I-T) department has sent an advisory to certain taxpayers over the mismatch between disclosures in the income tax returns (ITR) filed and information as received from the reporting entity. The reporting entities include a host of agencies including banks, financial institutions, stock market players, mutual funds, and property registrars.
“Once the tax returns are filed as the first step these are processed by the central processing centre (CPC) where any apparent mistakes/ mismatches are highlighted and sent to the taxpayers like missed interest or house property income or difference in TDS credit claimed etc.,” said Aarti Raote, Partner, Deloitte India.
“It is not a notice sent to all taxpayers, but is an advisory sent in only those cases where there is an apparent mismatch between disclosures in the ITR & information as received from the Reporting Entity,” it said in a post on X.
The objective of the communication is to provide an opportunity to taxpayers & facilitate them to provide their feedback online on the Compliance Portal of the I-T department and, if necessary, revise their returns already filed or to file the return if not filed, so far, it added.
“Taxpayers are requested to respond to the communication on priority,” the I-T department said.
Did you receive this advisory? What should taxpayers do now?
When a taxpayer receives this intimation, he/she should review the same.
“If you have also received this tax advisory ,act promptly by providing feedback through the Compliance Portal and if required, do file the revised return (if already filed) or file a belated return if not filed yet. Remember, the window for revising or filing a belated return for AY 2023-24 closes on December 31st, 2023,” said Abhishek Soni, CEO, Tax2win
Taxpayers can also refute differences on the portal that he doesn’t agree to give reasons, said Aarti Raote
“It is critical to еnsurе that your ITR, TDS, and TCS dеductions arе in sync for a smooth tax filing procеdurе. To minimisе any issues in thе assеssmеnt procеss, taxpayеrs should carefully rеviеw thе Incomе Tax dеpartmеnt’s advisory, cross-vеrify information, and swiftly corrеct any diffеrеncеs,” said Agam Gupta, Exеcutivе Dirеctor, Sharе India FinCap
Ensuring accurate tax filings is crucial, and the advisory sent by the Income Tax department over a mismatch in ITR, TDS/TCS deductions signifies the importance of aligning disclosures in the ITR with information from reporting entities.
Taxpayers should note that the deadline to file the final belated and revised income tax returns (ITRs) for FY 2022-23 (AY 2023-24) will end on December 31, 2023.
Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Published: 27 Dec 2023, 11:59 AM IST