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In a significant move aimed at enhancing tax compliance and transparency, the Central Board of Direct Taxes (CBDT) has initiated an electronic campaign to address the discrepancies between the income and transactions reported in the Annual Information Statement (AIS) and those disclosed in Income Tax Returns (ITRs).
According to the Ministry of Finance, this initiative targets the financial years 2023-24 and 2021-22, extending its scope to include individuals with taxable income or high-value transactions reflected in their AIS but who have not filed their ITRs for these years. The campaign forms a crucial part of the e-Verification Scheme, 2021, leveraging advanced technology to streamline compliance. Taxpayers and non-filers with identified mismatches have received informational messages through SMS and email, urging them to review their financial records. These reminders serve as an opportunity for taxpayers to rectify the discrepancies and file revised or belated ITRs for FY 2023-24 by December 31, 2024. For FY 2021-22, taxpayers can submit updated ITRs up to the limitation date of March 31, 2025. To facilitate this process, the AIS portal on the Income Tax Department's e-filing website provides a platform for taxpayers to review their AIS data and offer feedback, including the option to contest the information presented. The initiative underscores the Income Tax Department's commitment to fostering a taxpayer-friendly ecosystem. By utilizing third-party data and advanced analytics, the department aims to simplify compliance while promoting accountability and voluntary tax adherence. The CBDT has urged eligible taxpayers to take advantage of this initiative to fulfill their tax responsibilities, contributing to the nation's economic progress. This campaign aligns with the government's broader vision of "Viksit Bharat," emphasizing transparency and a culture of responsible financial practices. For further details, taxpayers can access the AIS portal at Income Tax e-filing website. (ANI)
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