Income mismatch in ITR: How you can fix it, details here
Income mismatch in ITR: Mismatches can result in an income tax notice. Here's how you can fix them
The Income Tax Department identified mismatches between information furnished by third-party entities and income tax return (ITR) filed by the taxpayers. These mismatches can result in an income tax notice. In order to help taxpayers reduce mismatch, an on-screen online functionality has been made available on the income tax portal has been given- ‘Compliance portal’.
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The Income Tax Department said, “In some cases of Income Tax Returns (ITRs) filed for A.Y. 2021-22 (F.Y. 2020-21), a ‘mismatch’ has been identified, between the information filed in the ITR vis-à-vis information of specified financial transactions, as available with the Department. In cases where ITRs for A.Y. 2021-22 have not been filed and, the Department is in possession of information of specified high value financial transactions, the same also needs to be examined.”
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"In case the taxpayer has disclosed the interest income in the ITR under the line item 'Others' in the Schedule OS, she/he need not respond to the mismatch pertaining to the interest income. The said mismatch shall be resolved on its own and will be reflected in the portal as 'Completed'," it had earlier said.
What to do in case of income tax mismatch?
You can access the compliance portal in two ways: through dedicated web link (https://eportal.incometax.gov.in) and through logging into the income tax return (ITR) portal where details of the mismatch can be seen under the e-Verification' tab.
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Follow these steps:
- Go to the links mentioned above and search for Pending Actions' tab where you will see an option called 'Compliance Portal'.
- You will then navigated to a new site (https://ais.insight.gov.in/complianceportal/everification) where you should click on a tab called 'Verification'.
- You can then see details of all the mismatches identified by the Income-tax department.
