CBDT is launching a campaign to educate taxpayers about the mismatch in ITR filings and AIS

The initiative is part of the implementation of the e-Verification Scheme, 2021. | Photo credit: Getty Images

The Income Tax Department on Tuesday (Dec 17, 2024) said it is sending SMSes and emails to taxpayers and non-filers in which it has identified a mismatch between the transactions reported in the Annual Information Statement (AIS) and the income disclosed in ITRs for the financial years 2023. -24 and 2021-22.

In a statement, the Central Board of Direct Taxes (CBDT) said it has launched an electronic campaign to help taxpayers resolve discrepancies between the income and transactions reported in the AIS and those disclosed in the Income Tax Returns (ITRs) for the financial years 2023. -24 and 2021-22.

This campaign also targets individuals who have taxable income or significant high value transactions reported in their AIS but have not filed ITRs for the relevant years.

The initiative is part of the implementation of the e-Verification Scheme, 2021.

As part of this campaign, informational messages have been sent to taxpayers and non-filers through SMS and email identifying mismatches between transactions reported in AIS and ITRs filed.

Annual Information Statement (AIS) is a comprehensive statement of information for a taxpayer. Taxpayers can access AIS on the Income Tax Department portal and provide feedback on the information displayed in AIS. AIS shows both the reported value and the modified value (i.e. the value after considering taxpayer feedback).

The CBDT said the objective of this campaign is to remind and guide individuals who may not have fully disclosed their income in their ITRs to avail this opportunity to file revised or late ITRs for the financial year 2023-24 , the latest date of which is December 31. .

For cases pertaining to the financial year 2021-2022, taxpayers can file updated ITRs before the limitation date of March 31, 2025.

Taxpayers can also provide their feedback, including disagreement with the information reported in the AIS, through the AIS portal accessible through the e-filing website.

Last month, the CBDT launched a campaign sending notices to taxpayers who have not disclosed foreign income or assets of high value in their ITRs for AY 2024-25.

These messages were intended for individuals identified through information received under bilateral and multilateral agreements indicating that they may hold foreign accounts or assets, or have received income from foreign jurisdictions.