ITR-AIS transaction mismatch: Here's how I-T dept is helping taxpayers

The Income Tax department announced on Tuesday that they will be contacting taxpayers and non-filers through SMS and emails regarding discrepancies found between transactions reported in the Annual Information Statement (AIS) and income disclosed in Income Tax Returns (ITRs) for the fiscal years 2023-24 and 2021-22. The Central Board of Direct Taxes (CBDT) stated that they have initiated an electronic campaign to help taxpayers address any inconsistencies between the income and transactions reported in the AIS and those declared in their ITRs for the years 2023-24 and 2021-22.

The Annual Information Statement (AIS) provides taxpayers with a comprehensive overview of their information. Taxpayers have the ability to access their AIS through the income tax department portal and offer feedback on the information displayed. The AIS includes both the reported value as well as the modified value that takes into account the taxpayer's feedback.

The recent campaign is aimed at individuals with taxable income or significant high-value transactions recorded in their AIS, yet have not submitted their ITRs for the corresponding years. This effort is aligned with the e-Verification Scheme, 2021. Through the campaign, taxpayers and non-filers are being alerted through SMS and email about discrepancies between transactions in AIS and filed ITRs."As part of implementation of the e-Verification Scheme, 2021 , CBDT has launched an e-campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the AIS and those disclosed in ITRs for the F.Y 2023-24 and 2021-22. This initiative aims to simplify compliance, ensure transparency, and aligns with Viksit Bharat’s vision," the I-T department said.

Key highlights:

✅Mismatches identified between AIS and ITRs.
✅Messages sent to taxpayers & non-filers via SMS/email.
✅Last date for revised/belated ITRs (FY 2023-24):  Dec 31, 2024.
✅Last date for updated ITRs for FY 2021-22: Mar 31, 2025.

The CBDT has initiated a campaign to remind and assist individuals who may not have accurately disclosed their income in their Income Tax Returns (ITRs) to file revised or belated ITRs for the financial year 2023-24. The deadline for filing these revised or belated ITRs is December 31.

For cases relating to the financial year 2021-22, taxpayers are permitted to file updated ITRs by the deadline of March 31, 2025.