Income Tax department asks taxpayers to submit revised ITRs for AY 2021-22 by March 31

The income tax department on Monday asked taxpayers whose cases have been flagged under e-verification scheme to file updated income tax returns for 2021-22 assessment year by March 31.

The Central Board of Direct Taxes (CBDT) said in some 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, as available with the department.

In cases where ITRs for A.Y. 2021-22 have not been filed and the department is in possession of information of specified high value financial transactions, the same also needs to be examined.

Accordingly, as part of the e-Verification Scheme-2021, the department is in the process of sending communication(s) to the taxpayers for the mismatch in information pertaining to A.Y. 2021-22 (F.Y. 2020-21).

This information is being communicated to the taxpayers through their e-mail accounts as registered with the Income Tax Department.

The "Department is urging taxpayers, to view their AIS through the e-filing portal and file updated ITRs (ITR-U), wherever found necessary by the taxpayer. Eligible non-filers can also submit updated returns (ITR-U).

"Last date for filing of updated returns (ITR-U) for A.Y. 2021-22 (i.e. for F.Y. 2020-21) is 31.03.2024," the CBDT said.