Fill the revised return if there is a difference in income and transaction and check AIS before filing ITR

Did you receive any SMS or e-mail from the Income Tax Department related to the difference in your income and tax paid for the financial year 2023-24? Then you can file a revised income tax return by 31 December. Before filing the revised return, make sure to check your Annual Information Statement (AIS) issued by the department, which gives details of your income and your transactions.

If your income shown in the return does not match this detail, then the department is giving you a chance to file a revised return by 31 December. Similarly, if you have received an email or SMS regarding the return for the financial year 2021-22, then the department is giving you an opportunity till March 31 next year for its revised return.

The department says that if the taxpayer does not agree with the details given in the AIS, then he can also give his feedback in this regard on the portal. The department says that there are many people whose high-value transactions are visible in the AIS, but they have not filed any ITR or have not shown their income according to that transaction.

The department has said that people can take advantage of the opportunity to file returns and contribute to the economic development of the country. For the last few years, the Income Tax Department has also been keeping a close watch on those who pay less tax than their income through the Non-Filer Monitoring System. The department is also identifying those people through its system, who have used a lot of cash in the last four years for traveling and shopping for jewelry and other things, but they are not paying any tax.

According to news agency PTI, the Income Tax Department has said that all appeals pending till July 22, 2024 (whether they have been settled or withdrawn) will be eligible under the Vivaad se Vishwas Scheme. The Central Board of Direct Taxes (CBDT) has released a new set of frequently asked questions (FAQs) on the Vivaad se Vishwas Scheme, 2024, under which taxpayers wishing to avail the dispute resolution scheme are required to file a declaration by December 31.

It has now been clarified by the CBDT that if a taxpayer was eligible to apply under the Vivaad se Vishwas Scheme and his appeal was pending as of July 22, 2024, even if the appeal has been settled before the taxpayer has filed the declaration, then such cases will be considered as eligible for settlement under the scheme and the disputed tax will be calculated in the same way as if the appeal is yet to be settled.

In fact, the CBDT has also clarified that the declaration is to be filed on or before December 31, 2024, and not paid before the said date, to become eligible for payment of the disputed amount at a lower rate.