New Delhi: The Income Tax Department has taken up 68,000 cases for e-verification for non-reporting or under-reporting of income in annual returns, a move that will enable taxpayers to revise their annual filings within the prescribed three-year period. is there to help. a top official said on Monday.
“The whole exercise is to point out the gaps that may exist and help taxpayers to update their returns and reduce litigation… Once an assessee has updated the return, his cases are less likely to be taken up for scrutiny or re-evaluation,” cbdt President Nitin Gupta told reporters. He said 15 lakh updated returns have been filed so far, out of which Rs 1,250 crore has been collected as tax.
Of the cases taken up for e-verification – an exercise that matches the data in the Annual Information Statement (AIS) on transactions and returns filed – about 56% or 35,000 cases have been resolved satisfactorily.
Since September, the tax department is running a pilot campaign through a risk management system that picks up cases based on certain parameters. Gupta It said only high-value cases are taken up and the risk management system may be revised annually, but declined to disclose the criteria. One of the challenges is that many taxpayers have not responded to the department’s communication, which is to be replied to within 10 days. The CBDT has a time period of 90 days to complete a particular case under e-verify, but complex cases may take longer. Taxpayers have time till March 31, 2023, to file updated returns for income earned during the financial year 2019-20.
Exhorting taxpayers to check their AIS regularly, Gupta said that taxpayers should give feedback to the department if they notice any mismatch. “The e-verification scheme is a non-intrusive way of nudging taxpayers to file updated returns in case of mismatch. It is transparent, without any human intervention, encourages voluntary compliance and will help reduce litigation,” he said.
“The whole exercise is to point out the gaps that may exist and help taxpayers to update their returns and reduce litigation… Once an assessee has updated the return, his cases are less likely to be taken up for scrutiny or re-evaluation,” cbdt President Nitin Gupta told reporters. He said 15 lakh updated returns have been filed so far, out of which Rs 1,250 crore has been collected as tax.
Of the cases taken up for e-verification – an exercise that matches the data in the Annual Information Statement (AIS) on transactions and returns filed – about 56% or 35,000 cases have been resolved satisfactorily.
Since September, the tax department is running a pilot campaign through a risk management system that picks up cases based on certain parameters. Gupta It said only high-value cases are taken up and the risk management system may be revised annually, but declined to disclose the criteria. One of the challenges is that many taxpayers have not responded to the department’s communication, which is to be replied to within 10 days. The CBDT has a time period of 90 days to complete a particular case under e-verify, but complex cases may take longer. Taxpayers have time till March 31, 2023, to file updated returns for income earned during the financial year 2019-20.
Exhorting taxpayers to check their AIS regularly, Gupta said that taxpayers should give feedback to the department if they notice any mismatch. “The e-verification scheme is a non-intrusive way of nudging taxpayers to file updated returns in case of mismatch. It is transparent, without any human intervention, encourages voluntary compliance and will help reduce litigation,” he said.
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