Alert from the Income Tax Department! Taxpayers have five days to fix this error in their ITR; see details

 Alert from the Income Tax Department! Taxpayers have five days to fix this error in their ITR; see details

Alert from the Income Tax Department! Taxpayers have five days to fix this error in their ITR; see details

"An advisory notice has been sent to the taxpayers due to a clear mismatch between the information given in the ITR and the information received from the reporting unit," said the Income Tax Department.

The Income Tax Department said on Tuesday that some taxpayers whose information on their Income Tax Return (ITR) does not match the information obtained from the reporting unit have received advisory information.

In a social media post, the Income Tax Department said

Notification, just guidance

"Not every taxpayer has received this notice," the government said. This is a warning that is only being delivered in situations when there is an obvious discrepancy between the data that was provided in the ITR and the data that was obtained from the reporting unit.

Foreign currency dealers, banks, NBFCs, sub-registrars, post offices, bond/debenture issuers, mutual fund trustees, dividend-paying businesses, and share buyback firms are among the reporting institutions that provide information about financial transactions.

The deadline to file an ITR is December 31.

Following criticism on social media on the department's notification about TDS and TCS deductions not matching ITR information, the Income Tax Department released this message. This correspondence aims to assist taxpayers in offering input via the Income Tax Department site. In addition, it serves as a chance to submit a fresh return or, if required, revise the one that has previously been filed.

December 31, 2023, is the deadline for late submissions or amendments to returns for the assessment year 2023–2024. In addition, the Income Tax Department has asked that taxpayers reply to this correspondence as soon as possible.