Income Tax Return: The IT department of India has conducted an e-verification method that will eradicate any sort of forgery in the taxpaying system. The taxpayers are provided with a timeline of 15 days until which they are expected to correct any information that was given under income in tax returns for the fiscal year 2019-20.
Income Tax Return: All About the New Investigation
Income Tax Return: The Income Tax Department has selected some 68,000 cases for e-verification as part of its initiative to encourage compliance, urging taxpayers to file amended returns in instances where a discrepancy between their Annual Information Statement (AIS) and tax returns is discovered.
Source: Google
Income Tax Return: The Chairman of the Central Board of Direct Taxes (CBDT), Nitin Dixit stated on Monday that these instances were chosen on a pilot basis for the 2019–20 fiscal year and that taxpayers have until March 31 to file amended forms. Taxpayers have submitted a total of 15 lakh amended returns, including returns for the e-verification program, resulting in a total collection of Rs. 1,250 crores.
Kinds of Investigated Cases
Income Tax Return: The IT Department has selected 68,000 cases that will go through the e-verification process. Here are a few factors related to the procedure:
- The e-verification will be done based on the mismatch between the tax return filed and data received from the source about deposits;
- The selection is purely computer-driven;
- In case a user isn’t responding to the e-verification notices, strict actions will be taken against the individual.
CBDT Chairman Nitin Gupta said out of 68,000 cases for e-verification, 56 percent or 35,000 people have already replied to the notice or filed a tax return with the suitable changes.
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