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Chaitra Navratri

Income Tax Department takes up 68,000 cases for e-Verification for underreporting of income in tax

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The income Tax Department has taken up 68 thousand cases for e-Verification for underreporting of income in tax returns for the Financial Year 2019-20. The Central Board of Direct Taxes, CBDT in a statement said that details of the transactions have been initially shared with the individual taxpayer through e-campaign. It said, so far, e-Verification has been completed by the designated Directorate in about 35 thousand cases and the remaining are under verification.

In 2021, the Government notified the e-Verification Scheme for facilitating voluntary tax compliance. The objective of the scheme is to share and verify such financial transaction information with the taxpayer which appears to be either unreported or under-reported in the Income Tax Return. The Scheme is extremely beneficial to taxpayers as it enables the taxpayer to explain the financial transaction with evidence. It also helps in data correction and thereby, prevents the initiation of proceedings on misreported information. (AIR NEWS)

395 Days ago