Income tax department says cases where the ITRs have not been filed and, the department is in possession of information of “specified high-value financial transactions”
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The income tax department is in the process of sending communications to the taxpayers for any mismatch in details provided in ITR AY 2021-22 (FY 2020-21). It also said that in cases where the ITRs have not been filed and, the department is in possession of information of “specified high-value financial transactions”.
“In some cases of Income Tax Returns (ITRs) filed for A.Y. 2021-22 (F.Y. 2020-21), a ‘mismatch’ has been identified, between the information filed in the ITR vis-à-vis information of specified financial transactions, as available with the Department. In cases where ITRs for AY 2021-22 have not been filed and, the Department is in possession of information of specified high-value financial transactions, the same also needs to be examined,” the income tax department said in a press release dated March 4.
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As part of the e-Verification Scheme-2021, the department is in the process of sending communication(s) to the taxpayers for the mismatch in information pertaining to AY 2021-22 (FY 2020-21). This information is being communicated to the taxpayers through their e-mail accounts as registered with the income tax department, it said.
What To Do Now?
The income tax department said taxpayers need to view their Annual Information Statement (AIS) through the e-filing portal and file updated ITRs (ITR-U), wherever found necessary.
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“Eligible non-filers can also submit updated returns (ITR-U) u/s 139(8A) of the Income-tax Act, 1961,” it said in the release.
What is Last Date for Filing Updated ITR?
Last date for filing of updated returns (ITR-U) for AY 2021-22 (i.e. for FY 2020-21) is March 31, 2024.
Income Tax Slab In 2020-21
In the financial year 2020-21, the government had given taxpayers the option to choose a new tax regime under Section 115 BAC of the I-T Act. The new I-T slabs was for individuals not availing or foregoing certain specified deductions or exemptions while computing total income for tax purpose.
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Under this, annual income up to Rs 2.5 lakh was exempt from tax. Those individuals earning between Rs 2.5 lakh and Rs 5 lakh needed to pay 5 per cent tax. Income between Rs 5 and 7.5 lakh was taxed at 10 per cent, while those between Rs 7.5 and 10 lakh at 15 per cent.
Those earning between Rs 10 and 12.5 lakh paid tax at the rate of 20 per cent, while those between Rs 12.5 and Rs 15 lakh paid at the rate of 25 per cent. Income above Rs 15 lakh was taxed at 30 per cent.
