IT Deptt issues advisory to taxpayers on transaction discrepancies

Srinagar, Dec 26: The Income Tax Department has brought to light certain references regarding recent communications sent to taxpayers regarding their transactions. The communication is aimed at facilitating taxpayers by making them aware of the information available with the Income Tax Department (ITD) regarding transactions reported by the Reporting Entities during the year.

"Some references have come to the notice of the Income Tax Department regarding recent communication sent to taxpayers about transaction(s) made by them. Taxpayers may please note that such communication is to facilitate the taxpayers and make them aware of the information available with the ITD regarding the transactions reported by the Reporting Entities during the year," the IT Department wrote on social media site X.

"It is not a notice sent to all taxpayers but is an advisory sent in only those cases where there is an apparent mismatch between disclosures in the ITR & information as received from the Reporting Entity. The objective of the communication is to provide an opportunity to taxpayers & facilitate them to provide their feedback online on the Compliance Portal of ITD &, if necessary, revise their Returns already filed OR to file the Return if not filed, so far."

It is crucial to highlight that the last date for revising or filing belated returns for Assessment Year 2023-24 is set for 31st December 2023. Therefore, taxpayers are encouraged to take swift action and respond to the communication on a priority basis to avoid any potential complications.