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The Earnings Tax Division on Tuesday despatched out a tweet clarifying that it has despatched “communication” and “not a discover” to sure taxpayers pertaining to transactions made by them. And added that such an advisory is shipped in instances of obvious mismatch between disclosures within the Earnings Tax Return (ITR) and knowledge as acquired from the reporting entity.
This comes after sure social media posts highlighted communication from the Earnings Tax division relating to mismatch in TDS/TCS deductions and ITR submitting knowledge. The earnings tax division said that such communication is simply to facilitate the taxpayers and create consciousness across the info obtainable with the I-T division relating to the transactions reported by the Reporting Entities in the course of the 12 months.
In a submit on X (previously often called Twitter), it stated, “Some references have come to the discover of the Earnings Tax Division relating to current communication despatched to taxpayers pertaining to transaction(s) made by them. Taxpayers might pl word that such communication is to facilitate the taxpayers & make them conscious of the knowledge obtainable with the ITD relating to the transactions reported by the Reporting Entities in the course of the 12 months.”
Some references have come to the discover of the Earnings Tax Division relating to current communication despatched to taxpayers pertaining to transaction(s) made by them.
Taxpayers might pl word that such communication is to facilitate the taxpayers & make them conscious of the knowledge…
— Earnings Tax India (@IncomeTaxIndia) December 26, 2023
And added, “It’s not a discover despatched to all taxpayers, however is an advisory despatched in solely these instances the place there’s an obvious mismatch between disclosures within the ITR & info as acquired from the Reporting Entity.”
The advisory added that the “The target of the communication is to offer a chance to taxpayers and facilitate them to offer their suggestions on-line on the Compliance Portal of ITD and, if mandatory, revise their Returns already filed OR to file the Return if not filed, to date.”
The final date for revising or submitting a belated return for AY 2023-24 (regarding earnings earned in 2022-23) is December 31, 2023.
Additionally Learn – ITR Submitting Final Date is December 31 – Examine find out how to file ITR
“Taxpayers are requested to reply to the communication on precedence,” the I-T division added.
Underneath the I-T Act, reporting entities are required to file statements of monetary transactions (SFT)with the tax division containing particulars of sure monetary transactions or any reportable account maintained by them in the course of the 12 months.
Reporting entities embody foreign exchange sellers, banks, sub-registrar, NBFC, submit workplaces, issuer of bonds/debentures, mutual fund trustees, firm paying dividend or shopping for again shares.
(With Company Inputs)
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