Income Tax Department Alerts Taxpayers About Mismatch in ITR Details for AY 2021-22
The income tax department is currently reaching out to taxpayers regarding any discrepancies found in the information provided in their ITR for AY 2021-22 (FY 2020-21). It has been noted that in cases where ITRs have not been filed, the department possesses information regarding specified high-value financial transactions.
| ITR Status | Action Required |
|---|---|
| Filed for AY 2021-22 | Check for mismatches and file updated ITR (ITR-U) if necessary |
| Not Filed for AY 2021-22 | Submit updated returns (ITR-U) under Section 139(8A) of the Income-tax Act, 1961 |
According to a press release dated March 4, the income tax department stated, “In some cases of Income Tax Returns (ITRs) filed for A.Y. 2021-22 (F.Y. 2020-21), a ‘mismatch’ has been identified between the information filed in the ITR vis-à-vis information of specified financial transactions available with the Department.”
As part of the e-Verification Scheme-2021, the department is sending communications to taxpayers via their registered email accounts regarding any mismatches in information for AY 2021-22 (FY 2020-21).
What To Do Now?
It is essential for taxpayers to view their Annual Information Statement (AIS) through the e-filing portal and file updated ITRs (ITR-U) where necessary. Eligible non-filers can also submit updated returns (ITR-U) under Section 139(8A) of the Income-tax Act, 1961.
Last Date for Filing Updated ITR
The last date for filing updated returns (ITR-U) for AY 2021-22 (FY 2020-21) is March 31, 2024.
Income Tax Slab In 2020-21
In the financial year 2020-21, the government introduced a new tax regime under Section 115 BAC of the I-T Act, providing taxpayers with an option to choose alternative tax slabs while forgoing certain specified deductions or exemptions.
Here’s a breakdown of the tax slabs:
- Annual income up to Rs 2.5 lakh: Exempt from tax
- Income between Rs 2.5 lakh and Rs 5 lakh: 5% tax
- Income between Rs 5 lakh and Rs 7.5 lakh: 10% tax
- Income between Rs 7.5 lakh and Rs 10 lakh: 15% tax
- Income between Rs 10 lakh and Rs 12.5 lakh: 20% tax
- Income between Rs 12.5 lakh and Rs 15 lakh: 25% tax
- Income above Rs 15 lakh: 30% tax
It’s crucial for taxpayers to stay updated with such tax-related information to ensure compliance with the current regulations.