Financial Services News

IT Dept. nudges taxpayers to reconcile mismatches in interest, dividend income

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With several mismatches detected between the Income Tax Returns (ITRs) filed by taxpayers and third-party information received regarding their interest and dividend incomes, the Income Tax Department has asked taxpayers to respond to such aberrations using a new functionality added to the tax filing portal.

“In many cases, taxpayers [about whom third party information has been received for interest and dividend income] have not even filed their ITR,” the Department said in a statement, adding that information mismatches for financial years 2021-22 and 2022-23 have now been displayed on its compliance portal.

The taxpayers are also being made aware of the mismatch through SMS and emails from the Department, which stressed that this communication is not “a notice”. Taxpayers, it said, are being given a chance to help reconcile such mismatches without furnishing any document. 

“The taxpayers who are unable to explain the mismatch may consider the option of furnishing an Updated Income Tax Return if eligible, to make good any under reporting of income,” the IT department advised.

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