Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

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Press Release

New Delhi, 04th March, 2024

Promoting Voluntary Compliance through e-Verification Scheme-2021

Income Tax Department receives information of specified financial transactions of taxpayers, from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the AIS module and is available to the taxpayer for viewing.        

In some cases of Income Tax Returns (ITRs) filed for A.Y. 2021-22 (F.Y. 2020-21), a ‘mismatch’ has been identified, between the information filed in the ITR vis-à-vis information of specified financial transactions, as available with the Department. In cases where ITRs for A.Y. 2021-22 have not been filed and, the Department is in possession of information of specified high value financial transactions, the same also needs to be examined.  

Accordingly, as part of the e-Verification Scheme-2021, the Department is in the process of sending communication(s) to the taxpayers for the mismatch in information pertaining to A.Y. 2021-22 (F.Y. 2020-21). This information is being communicated to the taxpayers through their e-mail accounts as registered with the Income Tax Department. Vide the said communication, the Department is urging taxpayers, to view their AIS through the e-filing portal and file updated ITRs (ITR-U), wherever found necessary by the taxpayer. Eligible non-filers can also submit updated returns (ITR-U) u/s 139(8A) of the Income-tax Act, 1961.

Last date for filing of updated returns (ITR-U) for A.Y. 2021-22 (i.e. for F.Y. 2020-21) is 31.03.2024.

(Surabhi Ahluwalia)

Pr. Commissioner of Income Tax

(Media & Technical Policy) &

Official Spokesperson, CBDT

 

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 26^th February, 2024

Press Release

Implementation of e-Verification Scheme-2021

Income Tax Department has identified certain mismatches between the information received from third parties on interest and dividend income, and the Income Tax Return (ITR) filed by taxpayers. In many cases, taxpayers have not even filed their ITR.

In order to reconcile the mismatch, an on-screen functionality has been made available in the Compliance portal of the e-filing website  https://eportal.incometax.gov.in  for taxpayers to provide their response. At present, the information mismatches relating to Financial Years 2021-22 and 2022-23 have been displayed on the Compliance portal. The taxpayers are also being made aware of the mismatch through SMS and emails as per  details available with the Department. 

Those taxpayers who have already registered on the e-filing website, can navigate to Compliance portal directly after logging into their account. Details of mismatches identified will be available under the “e-Verification” tab.

Taxpayers who are not registered on the e-filing website have to register themselves on the e-filing website to view the mismatch. For registration, the “Register” button on the e-filing website can be clicked and the relevant details can be provided therein. After successful registration, the e-filing account can be logged into and the Compliance portal can be navigated to view the mismatches.

The on-screen functionality is self-contained and will allow the taxpayers to reconcile the mismatch on the portal itself by furnishing their response.  No document is required to be furnished. This is a pro-active step taken by the Department to reach out to the taxpayers and provide them an opportunity to respond to the communication in a structured manner. It is clarified that the said communication is not a notice.

In case the taxpayer has disclosed the interest income in the ITR under  the line item ‘Others’ in  the Schedule OS, he/she need not respond to the mismatch pertaining to the interest income. The said mismatch shall be resolved on its own and will be reflected in the portal as ‘Completed’.

The taxpayers who are unable to explain the mismatch may consider the option of furnishing an Updated Income Tax Return if eligible, to make good any under reporting of income.

(Surabhi Ahluwalia)

Pr. Commissioner of Income Tax

(Media & Technical Policy) & Official Spokesperson, CBDT

 

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, 08 th February, 2024

Press Release

Income Tax Department conducts search operations in Chhattisgarh

Income Tax Department initiated search and seizure operations in the case of a Politically Exposed Person (PEP), his close associates and few Government officials on 31/01/2024. One of the close associates of the PEP is engaged in the business of real estate. The search operation covered more than 25 premises spread across Raipur, Surguja, Sitapur and Raigarh districts of Chhattisgarh.

During the course of the search operation, numerous incriminating documents, loose sheets and digital evidences have been found and seized. These evidences reveal the modus-operandi of tax evasion and other dubious practices adopted by these persons. Preliminary analysis suggests that these persons have received ill-gotten money in lieu of grant of undue favours to different persons in Government related works.

Incriminating documents recovered during the search, contain details of ill-gotten money of approximately Rs.13 crore, received in cash by the said PEP, through his close associates. Further, evidences seized suggest that this ill-gotten money has been invested in real estate through the associates of the PEP. Similarly, evidence of payment of on-money in purchase of real estate to the tune of approximately Rs. 3crore and evidence of unaccounted cash expenditure of more than Rs. 8 crore, made by the associates of the PEP, in the real estate business have also been found. The veracity of such evidences has also been buttressed by the statements of close associates of the PEP and their employees, wherein they have admitted the above malpractices.

Further, incriminating documents related to illegal grabbing of land by the close associates of the PEP have also been found. The farmers and the affected persons whose lands have been transferred in such manner, have also admitted in their statement(s) that the said land transactions were completed under the undue influence of the PEP. Similarly, undue influence of PEP was also utilized by his associates in getting the permission for purchase of “Punarwas Patta”.

Issues related to mismatch in turnover vis-à-vis bank credits have also been detected from the factory premises owned by the spouse of the PEP, who is running a manufacturing concern of Hume Pipes.

The search operation has resulted in seizure of unaccounted cash and jewellery exceeding Rs. 2.50 crore.

Further investigations are in progress.

(Surabhi Ahluwalia)
Pr. Commissioner of Income Tax
(Media & Technical Policy) &
Official Spokesperson, CBDT

 

 

 

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, 02 nd February, 2024

Press Release

CBDT notifies Income Tax Return Forms for the Assessment Year 2024-25 well in advance

The Central Board of Direct Taxes (CBDT) vide Notification No. 19 of 2024 dated 31.01.2024, has notified Income-tax Return Forms (ITR Form)- 2, 3 and 5 for the Assessment Year(A.Y.) 2024-25. Further, vide Notification No. 16 of 2024 dated 24.01.2024, ITR Form-6 has been notified for the A.Y. 2024-25. Earlier, ITR-1 and ITR-4 for the A.Y. 2024-25 were notified vide Notification No. 105 of 2023 dated 22.12.2023. All ITR Forms 1 to 6 have since been notified and will come into effect from 1st April, 2024.

ITR-1 (SAHAJ) can be filed by resident Individuals having total income upto Rs. 50 lakh and having income from Salaries, one house property and income from other sources. Individuals and HUFs not having income from business or profession [and not eligible for filing ITR Form-1 (Sahaj)] can file ITR-2, while those having income from business or profession can file ITR Form- 3. ITR-4 (SUGAM) is for resident individuals, HUFs and Firms (other than LLP) having total income upto Rs. 50 lakh and having income from business and profession computed under section 44AD, 44ADA or 44AE. Persons other than individual, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form- 5. The companies other than those claiming exemption under section 11 can file ITR Form-6.

Changes have been incorporated in the ITRs in order to facilitate the taxpayers and to improve ease of filing. Largely, the changes incorporated were necessitated due to amendments in the Income-tax Act, 1961 made vide Finance Act, 2023. The Notifications of the ITR Forms are available on the Department’s website at the following link: www.incometaxindia.gov.in.

(Surabhi Ahluwalia)
Pr. Commissioner of Income Tax
(Media & Technical Policy) &
Official Spokesperson, CBDT

 

Ministry of Finance

INTERIM BUDGET PROPOSES TO RETAIN TAX RATES FOR DIRECT AND INDIRECT TAXES

RELIEF FOR CERTAIN OUTSTANDING DIRECT TAX DEMANDS TO BENEFIT NEARLY 1 CRORE TAXPAYERS

Posted On: 01 FEB 2024

“Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” said the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Interim Budget 2024-25 in the Parliament today.

To ensure continuity in taxation, the Union Finance Minister proposed to extend certain tax benefits to start-ups and investments made by sovereign wealth or pension funds and tax exemption on certain income of some IFSC units till 31.03.2025.

In line with the Government’s vision to improve ease of living and ease of doing business, and to provide a relief to a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, Smt. Sitharaman proposed to withdraw such outstanding direct tax demands up to ₹25,000 pertaining to the period up to financial year 2009-10 and up to ₹10,000 for financial years 2010-11 to 2014-15. This is expected to benefit about one crore tax-payers.                                                                                                  

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YKB/NB/KS/AS/LPS
(Release ID: 2001156)