Income Tax Return: In case of any discrepancy in the income tax return for the financial year 2020-21, taxpayers have been given time till March 31, 2024 to file updated returns.
ITR Filing: If you also file Income Tax Return, then you must be aware of this news. Notices are being sent to some taxpayers by the Income Tax Department. In the information given by the department, it was said that Income Tax is sending notices to some taxpayers for the financial year 2020-21. Such people have been included in the list of notices on whose behalf the information given in the ITR filed and the information available with the department is mismatching.
It is necessary to update after checking ITR
It is possible that you too may have made some mistakes or missed updating important information in your income tax return for the financial year 2020-21 (Assessment Year 2021-22). If so, then the tax department has asked you to file an updated return. The last date to file updated returns is March 31, 2024. The Income Tax Department says that if you have not filed your ITR for the financial year 2020-21 (AY 2021-22). In such a situation, if the Income Tax Department has information about your high-value financial transactions, then you will have to update your return after checking it.
Check your mistake with AIS.
Information about this is being given by the Income Tax Department through e-mail. This is part of the e-Verification Scheme-2021. Taxpayers have been advised by the Income Tax Department to check their Annual Information Statement (AIS) through the e-filing portal of the Income Tax Department. Any type of fault can be identified through AIS. If necessary, you can also file an updated income tax return.
What will need to be done?
If you have also received a related notice from the Income Tax Department, then you will have to file your updated income tax return. Before filing the updated return, file it carefully after collecting all the information for the relevant assessment year. The department has given time till March 31, 2024 to complete this work.
What to do if you get another notice?
Apart from this, notices were also sent to some taxpayers by the Income Tax Department recently. If you have also received any such notice, then it is better to respond to it in due time. When you receive the notice, first check what it is about? For this, take information from CA and collect necessary documents. After this, reply to the notice in the prescribed format. Generally, the time taken to respond to the notice is 15 days. If for some reason you are not able to respond within this time, then request the local assessment officer to get the time limit extended.
