How Can You Check Mismatched Data Before ITR Filing

The tax department has recently found the difference between the details furnished by third-party substances and the income tax returns (ITR) filed by taxpayers. These differences lead to an income tax notice being issued to the assessee. To minimize the incident of such mismatches, the Department of Income Tax has given a new online on-screen functionality called the ‘Compliance portal’. 

This portal is available on the Tax Department website and aims to help taxpayers make sure that their ITRs are accurately fill out and in tax compliance with the relevant laws and regulations. The portal can be easily access by taxpayers at any time and provides complete information to assist them in identifying and rectifying any discrepancies that may exist in their online returns.

I-T Department Case for Mismatch in ITR

The I-T Department has recently called some attention to certain cases of discrepancies that have been observe in the Income Tax Returns (ITRs) file for the  AY 2021-22 (FY 2020-21). According to a statement process, there is a ‘mismatch’ between the details provided in the tax returns and the department regarding the financial transactions. 

The tax department has examined such types of cases. As, the dept. has also highlighted that if they have details of the high-value financial transactions, and the ITR for AY 2021-22 has not been file, then it is require to investigate such cases.

What is the New Update on Filing an ITR?

As per the new update, if a taxpayer has already released their income of interest in the ITR under the line item ‘Others’ in the Schedule OS, there is no requirement to mismatch the response in the income interest. The income tax department will solve the said mismatch on its own, and the status will be ‘Complete’ reflect in the portal. 

This update will ensure that taxpayers who have already their interest income under the right line item will not face any difficulties while filing their ITR and the mismatch will be automatically resolve by the department.

Read Also: The Ultimate Guide to Choosing the Best Income Tax Filing Service

How to Examine Mismtach Before ITR Filing

There are two methods to access the tax compliance portal. The first way is by using a web link of https://eportal.incometax.gov.in. The second one is logging into the ITR portal, where you can see details of any mismatches under the verification tab.

Steps to Check on I-T Website

• If you want to access the compliance portal, you need to visit the links mentioned above and look for the Pending Actions tab. 
• Once you have locate it, click on it and you will be direct to a new site (https://ais.insight.gov.in/complianceportal/everification). 
• On the new site, click on the Verification tab where you can able to view all the mismatches identified by the I-T department.
• In this way, you can stay up-to-date on all the useful information and comply with the latest regulations.

Conclusion: You can inspect and rectify any errors or discrepancies that may arise in your AIS, Form 26AS, and TIS with the most efficient Gen Income Tax Software which enables seamless income tax return (ITR) filing and ensures that your data is error-free and tax compliance with the necessary regulations.