The Central Board of Direct Taxes (CBDT) has launched its electronic campaign to assist taxpayers of India in resolving any mismatches or discrepancies between the income and transactions seen in the AIS annual information statement and those disclosed in ITR income tax returns.
This electronic campaign aims to resolve mismatches for the financial years 2021-2022 and onwards
Additionally, the campaign will target individuals with taxable income or significant transactions reflected in their Annual Information Statement (AIS) but have not yet filed their respective years’ ITR. For example, a discrepancy arises if your AIS shows interest income from your savings account that wasn’t declared in your ITR Filing. This inconsistency can lead to a notice from the CBDT.
How Will CBDT Communicate With Taxpayers?
As part of the e-campaign, SMS & emails were sent to taxpayers and non-filers, and discrepancies were found between transactions reported in the AIS and the income tax returns filed. The purpose of these emails is to remind individuals who may not have fully disclosed their income in their ITR to revise or file their returns.
For example, the AIS might show that a taxpayer has sold a valuable asset, maybe a sale of a property or a share, but this transaction has not been reported in their ITR, prompting them to explain. Some emails address incomplete ITR filings, asking taxpayers to complete the process. Others may highlight high-value transactions reported in the AIS that are missing from the ITR.
Guide on How to Submit Feedback on AIS Information
If you believe the information in the AIS is incorrect or incomplete, you have the right to dispute it. You can submit your response / justification through the AIS portal. (https://www.incometax.gov.in/iec/foportal/)
1) Visit the official Income Tax e-filing portal mentioned above
2) log in to your account using your password & PAN
3) Once logged in, click the “Annual Information Statement” under the services section.
4) Click on the relevant year’s AIS to view the details.
5) Identify the specific information that you believe is incorrect or incomplete.
6) Click the “Optional” button beside the incorrect information.
7) Choose the feedback option from the dropdown menu.
8) Provide a clear & concise explanation for your feedback.
9) Click on the “Submit” button to send.
Conclusion
The Income Tax Department aims to create a more efficient, transparent, & taxpayer-friendly tax system aligned with the vision of a developed India. The CBDT encourages all taxpayers to fulfill their tax obligations and contribute to the economic growth of Bharat.
FAQs
How to Resolve The AIS Mismatches?
1) Log in to the Income Tax e-filing portal and select the relevant assessment year.
2) Review your AIS details, compare them with your financial records, and identify discrepancies.
3) File a revised return if needed, or consult a tax professional for complex issues.
You can contact E-startup India to help filing your ITR or resolving the discrepancies highlighted by the CBDT.
What is The Last Date to file revised or belated ITRs for FY 2023-24 & 2021-22?
The last date to file revised or belated ITRs for FY 2023-24 is December 31, 2024. For FY 2021-22, the deadline for filing an updated income tax return (ITR-U) is March 31, 2025.
What if AIS is showing the wrong information?
You can dispute it by providing correct documents and submitting your justification in writing
Moreover, if you need any other guidance on Income Tax Return Filing, Income Tax Refund, please feel free to talk to our business advisors at 8881-069-069.
Download E-Startup Mobile App and Never miss the latest updates narrating to your business.