Are you up to date with your income tax filings? The Central Board of Direct Taxes (CBDT) is taking bold strides to simplify tax compliance and address mismatches in income reporting. With the launch of its Electronic Campaign, the government aims to guide taxpayers in reconciling their Annual Information Statements (AIS) with filed Income Tax Returns (ITRs) for Financial Years 2023-24 and 2021-22.
What’s New?
The initiative serves as a digital nudge for:
- Taxpayers with mismatched income details.
- Individuals who haven’t yet filed their ITRs but have high-value transactions reported in AIS.
Through SMS and emails, the Income Tax Department is encouraging taxpayers to verify and rectify discrepancies.
Important Deadlines:
- For FY 2023-24: File revised/belated ITRs by December 31, 2024.
- For FY 2021-22: File updated ITRs by March 31, 2025.
Why It Matters:
This campaign highlights the government’s focus on technology-driven transparency. By leveraging third-party data and launching the e-Verification Scheme, 2021, the department is paving the way for a hassle-free, taxpayer-friendly system that aligns with India’s vision of Viksit Bharat.
What Should You Do?
Head to the AIS portal on the e-filing website (https://www.incometax.gov.in/iec/foportal/). If discrepancies exist, file your updated ITR or provide feedback. Remember, this is your opportunity to:
- Avoid unnecessary scrutiny.
- Fulfil your tax responsibilities.
- Contribute to India’s economic growth.
