Understanding the Issue:
Taxpayers receiving these advisories should note that they pertain to discrepancies between their filed ITRs and data submitted by Reporting Entities (REs), such as banks, NBFCs, brokers, and mutual funds. These entities report high-value transactions, which are cross-referenced with ITR data.Action Required:
Respond Promptly: Taxpayers must respond promptly to these communications from the I-T department. The objective is to allow taxpayers to revise their ITRs if necessary or file belated returns if they haven’t done so already.
Deadline: The deadline for revising or filing belated returns for the Assessment Year (AY) 2023-24 is December 31, 2023. Failure to meet this deadline may result in penalties under Section 234F of the Income-Tax Act (ITA), 1961.
Use Compliance Portal: Taxpayers should use the compliance portal to provide necessary feedback or file belated returns. If individuals haven’t filed their ITRs yet, they are advised to do so before the December 31, 2023 deadline.
Seek Clarification: Taxpayers encountering discrepancies or issues can report them on the compliance portal and seek further clarification from the I-T department. This proactive approach helps in rectifying inadvertent errors and preventing complications in the future.
By adhering to these guidelines and responding promptly to ITR mismatch advisories, taxpayers can ensure compliance with tax regulations and avoid penalties. It’s essential to address any discrepancies or omissions timely to maintain financial transparency and avoid potential legal implications.🚀 Ready to level up your finances? Say goodbye to tax woes with Savingz! 🎉
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