Numerous notices to the taxpayers pertaining to mismatch of transaction in ITR & clarification by CBDT

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Numerous notices to the taxpayers pertaining to mismatch of transaction in ITR & clarification by CBDT

CBDT has recently released a press release on the numerous notices to the taxpayers pertaining to mismatch of transaction in ITR. The relevant part of the same is as under:

1.References have come to the notice of the Income Tax Department (ITD) regarding apprehensions about a recent communication sent to taxpayers pertaining to mismatch of transaction amount shown in Income Tax Return (ITR) filed and information available with the ITD.

2.The Department has taken note of the same & has issued a press release clarifying the issue.

3. Taxpayers may please note that this is a structured query run by the ITD, under the category of Interest income reported in the ITRs.

4.  Where the taxpayer has disclosed the interest income in the ITR under the line item ‘Others’ in the Schedule OS, s/he need not respond to the mismatch pertaining to the interest income.

5. The mismatch shall be resolved on its own and will be reflected on the portal as ‘Completed’.

6. Taxpayer can check the status of mismatch on the Compliance Portal to verify the same.

7. The objective of the communication is to provide an opportunity to taxpayers & facilitate them to provide their feedback online on the Compliance Portal of ITD &, if necessary, file an Updated Return.

 

The copy of the press release is as under:

1708958823489

 

 

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