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Amid social media posts concerning communication from the I-T division concerning mismatch in TDS/TCS deductions and ITR submitting knowledge, the division mentioned such communication is to facilitate the taxpayers and make them conscious of the knowledge out there with the I-T division concerning the transactions reported by the Reporting Entities in the course of the 12 months.
“It isn’t a discover despatched to all taxpayers, however is an advisory despatched in solely these circumstances the place there may be an obvious mismatch between disclosures within the ITR & info as acquired from the Reporting Entity,” it mentioned in a put up on X.
The target of the communication is to offer a chance to taxpayers & facilitate them to offer their suggestions on-line on the Compliance Portal of the I-T division and, if essential, revise their returns already filed or to file the return if not filed, up to now.
The final date for revising or submitting a belated return for AY 2023-24 (regarding revenue earned in 2022-23) is December 31, 2023.
“Taxpayers are requested to reply to the communication on precedence,” the I-T division mentioned. Below 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 embrace foreign exchange sellers, banks, sub-registrar, NBFC, put up places of work, issuer of bonds/debentures, mutual fund trustees, firm paying dividend or shopping for again shares.
