Last Chance Given by the Income Tax Department for Filing Updated ITR by This Date 2024

Last Chance Given by the Income Tax Department for Filing Updated ITR by This Date 2024:- All those candidates who are filing income tax returns should know very special information. March 31 has been fixed by the Income Tax Department as the last date for filing updated returns (ITR-U).

Information has been received by the IT department about several taxpayers who are currently messing up the information in their returns or they might have not filed ITR at all. The last chance has been given by the department to correct their mistakes. These mistakes can be corrected by filling in ITR U.

In ITR big transactions are not disclosed

Information has been received by the Income Tax Department about such types of financial transactions from several sources. Through Annual Information Statement (AIS) this has been made available since that instance. This can be easily seen by the Taxpayers. People pay taxes voluntarily and they also maintain transparency.

ITR

In some income tax returns filed in the assessment year 2021-22 this mismatch has been found (FY 2020-21). There is a difference between the financial transactions and information given in the ITR and this is available with the IT department. The opportunity to file updated returns have also been given under this.

People who do not file ITR will be Investigated Properly

Those persons who do not file ITR will be investigated properly after making big financial transactions. Information is being sent by the department under the e-Verification Scheme 2021 to such people through email. The department has requested the taxpayers to check their AIS through the e-filing portal.

Also, as per the requirement also file the ITR-U. If there is no registration on the e-filing website then the taxpayers will have to register. The taxpayers can still report the income correctly through an updated income tax return if the taxpayers are unable to correct the mismatch.

The Income Tax Department has received the information that many taxpayers are not providing the right information about dividend and interest income received from third parties in their income tax returns. Returns have not been filed by many taxpayers. These people have been identified by the Income Tax Department.

To rectify these mistakes till 31st March a chance has also been given to the taxpayers. An updated return should be filed for this purpose and you will have to go to the e-filing portal. The department has given this information to the taxpayers by sending emails and SMS.

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