ITR deadline extended: There is a gap between the information on financial transactions recorded in some ITRs filed for the assessment year 2021-22 (FY 2020-21) and the information available with the department.
There is relief news for taxpayers. The government has now extended the date for filing updated ITR to March 31, 2024. The Income Tax Department on Monday said that taxpayers whose cases have been marked under the e-verification scheme can file updated income tax returns for assessment year 2021-22 by March 31. According to language news, the Central Board of Direct Taxes (CBDT) says that there is a difference between the information on financial transactions recorded in some ITRs filed for the assessment year 2021-22 (FY 2020-21) and the information available with the department. .
Information is being sent to taxpayers regarding mismatched information
According to the news, in cases where returns have not been filed for assessment year 2021-22, but the department has information about high value financial transactions, they should also be investigated. In such a situation, under the E-Verification Scheme-2021, the department is sending information to the taxpayers regarding the mismatched information. The Income Tax Department has asked such taxpayers to file updated ITR. Taxpayers are being informed through their e-mail IDs registered with the Income Tax Department.
Through the communication, the department is urging taxpayers to view their AIS through the e-filing portal and file updated ITR (ITR-U) wherever the taxpayer finds necessary. Eligible non-filers can also submit updated return (ITR-U) under section 139(8A) of the Income Tax Act, 1961.
This limit was fixed recently
A few days ago, the Income Tax Department had fixed a limit of Rs 1 lakh per taxpayer for withdrawal of small tax demands. This was announced by Finance Minister Nirmala Sitharaman in the budget. Finance Minister Nirmala Sitharaman, in her interim budget speech for 2024-25, had announced withdrawal of outstanding direct tax demands up to Rs 25,000 up to assessment year 2010-11 and Rs 10,000 from assessment year 2011-12 to 2015-16.
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