You have to be aware of this news if you file income tax returns as well. The Income Tax Department is sending notices to certain taxpayers. According to the department’s information, certain taxpayers are receiving letters from Income Tax for the 2020–21 fiscal year. These individuals are on the list of notification recipients whose information on file in the ITR and the information the department has on file do not match.
After examining the ITR, an update is required.
It’s likely that you, too, have updated crucial information or made mistakes in your income tax return for the fiscal year 2020–21 (Assessment Year 2021-22). In such case, the tax division has asked you to file an updated return. The last date to file updated returns is March 31, 2024. The Income Tax Department says that if you have not filed your ITR for the financial year 2020-21 (AY 2021-22). In such a situation, if the Income Tax Department has information about your high-value financial transactions, then you will have to update your return after checking it.
Verify your error with AIS
It is providing information on this by email. This falls under the 2021 e-Verification Scheme. The department has recommended taxpayers review their Annual Information Statement (AIS) using the department’s e-filing system. With AIS, any kind of defect can be found. You can also submit an amended income tax return if needed. You must file your amended income tax return if the Income Tax Department has sent you a notice in this regard. After gathering all the data for the applicable assessment year, thoroughly file the amended return before submitting it. The agency has extended the deadline to March 31, 2024, to complete this work.
How would you respond to another notice?
In addition, letters have lately been sent by the Department to several people. It is preferable to reply to any such notice that you have received promptly. Check what the notice is about as soon as you receive it. Take information from CA and gather the required paperwork for this. Subsequently, respond to the notification using the format specified. 15 days are usually allotted for responding to the notice. Ask the local assessment officer to extend the deadline if, for some reason, you are unable to answer within this time frame.
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