The Income Tax Department, using the platform ‘X,’ formerly recognized as ‘Twitter,’ has provided a guarantee of source authentication/e-verification in response to any uncertainties or concerns arising from the financial transactions displayed in the Annual Information Statement.
This assurance underscores the department’s commitment to transparency and its proactive approach to address queries or doubts that taxpayers may have regarding the authenticity of the information presented in their financial statements.
The Income Tax Department has taken several progressive steps to encourage voluntary tax compliance and facilitate a transparent and non-intrusive tax administration. One such major initiative is the e-Verification Scheme, 2021 (the “Scheme”) which was notified on 13th December, 2021.
Using information technology effectively, the Scheme aims 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 (ITR) filed by the taxpayer.
The department stated that “Check financial transactions available in AIS tab of your income tax account at www.incometax.gov.in If you disagree, raise an objection. We will check with the Source.
1. If the mismatch of information with the ITR continues, notice under the e-Verification Scheme may be issued.
2. All proceedings are conducted electronically under e-Verification Scheme, 2021.
3. In such cases, return of income can be updated under Section 139(8A) of the IT Act, 1961 subject to eligibility.
4. Your response to the notice issued under e-verification may help in closure of the matter.”
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