As a part of the e-Verification Scheme-2021, the earnings tax division is within the strategy of sending communications to the taxpayers for the mismatch in data in ITR AY 2021-22.
Revenue tax division says instances the place the ITRs haven’t been filed, the division is in possession of data of “specified high-value monetary transactions”
The earnings tax division is within the strategy of sending communications to the taxpayers for any mismatch in particulars supplied in ITR AY 2021-22 (FY 2020-21). It additionally stated that in instances the place the ITRs haven’t been filed, the division is in possession of data of “specified high-value monetary transactions”.
“In some instances of Revenue Tax Returns (ITRs) filed for A.Y. 2021-22 (F.Y. 2020-21), a ‘mismatch’ has been recognized, between the knowledge filed within the ITR vis-à-vis info of specified monetary transactions, as out there with the Division. In instances the place ITRs for AY 2021-22 haven’t been filed and, the Division is in possession of data of specified high-value monetary transactions, the identical additionally must be examined,” the earnings tax division stated in a press launch dated March 4.
As a part of the e-Verification Scheme-2021, the division is within the strategy of sending communication(s) to the taxpayers for the mismatch in info pertaining to AY 2021-22 (FY 2020-21). This info is being communicated to the taxpayers via their e-mail accounts as registered with the earnings tax division, it stated.
What To Do Now?
The earnings tax division stated taxpayers have to view their Annual Info Assertion (AIS) via the e-filing portal and file up to date ITRs (ITR-U), wherever discovered needed.
“Eligible non-filers may submit up to date returns (ITR-U) u/s 139(8A) of the Revenue-tax Act, 1961,” it stated within the launch.
What’s Final Date for Submitting Up to date ITR?
Final date for submitting of up to date returns (ITR-U) for AY 2021-22 (i.e. for FY 2020-21) is March 31, 2024.
Revenue Tax Slab In 2020-21
Within the monetary yr 2020-21, the federal government had given taxpayers the choice to decide on a brand new tax regime beneath Part 115 BAC of the I-T Act. The brand new I-T slabs was for people not availing or foregoing sure specified deductions or exemptions whereas computing whole earnings for tax objective.
Beneath this, annual earnings as much as Rs 2.5 lakh was exempt from tax. These people incomes between Rs 2.5 lakh and Rs 5 lakh wanted to pay 5 per cent tax. Revenue between Rs 5 and seven.5 lakh was taxed at 10 per cent, whereas these between Rs 7.5 and 10 lakh at 15 per cent.
These incomes between Rs 10 and 12.5 lakh paid tax on the fee of 20 per cent, whereas these between Rs 12.5 and Rs 15 lakh paid on the fee of 25 per cent. Revenue above Rs 15 lakh was taxed at 30 per cent.
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