CBDT Urges Taxpayers To Address Income And Transaction Mismatches Via Electronic Campaign

In a bid to make the process of making the process of filing income tax returns easier, the Central Board of Direct Taxes (CBDT) announced the launch of an electronic campaign on December 18. The campaign is aimed at assisting taxpayers in resolving mismatches between the income and the transactions reported in the Annual Information Statement (AIS) and the Income Tax Returns (ITRs) for the financial years 2023-24 and 2021-22, according to a release by the Ministry of Finance.

The campaign is also aimed at helping individuals who have taxable income or significant high-value transactions reported in their AIS but have not filed ITRs for the two financial years. The initiative is part of the e-Verification Scheme which was launched by the CBDT in 2021.

As a part of the campaign, the CBDT has identified instances of mismatches between the transactions reported in AIS and the ITRs filed by the taxpayers. The CBDT has sent messages via SMS and email to such taxpayers and non-filers.

The release stated that the messages are being sent to remind and guide individuals to file revised or belated ITRs for FY 2023-24. The last date to file revised or belated ITRs is December 31, 2024. Updated ITRs for FY 2021-22 be filed by March 31, 2025.

The CBDT also mentioned in the release that it encourages all eligible taxpayers to fulfil their tax responsibilities and contribute to the nation’s economic development.