These messages are being sent specifically in cases where there is a discrepancy in the transaction information recorded in the AIS and the income declared in the ITR for the financial years 2023-24 and 2021-22.

The Central Board of Direct Taxes (CBDT) said in its statement that it has launched a special campaign to resolve the difference between the income and transactions recorded in the AIS and the information given in the ITR. Through this campaign, those persons have also been identified whose taxable income or large value transactions are recorded in the AIS but they have not filed ITR for the relevant financial year.

Notification through e-mail and SMS

This initiative is being taken under the implementation of E-Verification Scheme, 2021. Under this campaign, informative SMS and e-mails are being sent to the taxpayers to help them overcome the difference between the information recorded in ITR and AIS. AIS presents a detailed statement of the taxpayer’s financial information, which the taxpayer can view on the Income Tax Department portal and respond as required.

As part of implementation of the e-Verification Scheme, 2021 , CBDT has launched an e-campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the AIS and those disclosed in ITRs for the F.Y 2023-24 and 2021-22.

Key highlights:… pic.twitter.com/ia56ooVKNG

— Income Tax India (@IncomeTaxIndia) December 17, 2024

CBDT said that the objective of this campaign is to remind and guide those taxpayers who have not correctly disclosed their entire income in ITR. Under this, taxpayers can file revised ITR for the financial year 2023-24 till 31 December 2024.

At the same time, in cases related to the financial year 2021-22, taxpayers have the facility to file updated ITR till March 31, 2025. It is worth noting that last month also CBDT had launched a special campaign in which messages were sent to those taxpayers who had not made high-value disclosure of foreign income or assets in ITR for assessment year 2024-25.

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Out of these, 46,015,630 ITRs have been filed for the assessment year 2024-25. Whereas, ITRs of 42,288,847 have been verified. A total of 18,942,439 ITRs are in process.

If you have not yet filed your ITR, then do so soon as there is very little hope of its date being extended. You may have to pay a penalty for filing ITR after July 31. You are allowed to file delayed ITR until the end of the year, but then you will be fined between ₹1,000 and ₹10,000 depending on the period of delay. Also, you may be deprived of some deductions and may also face investigation by the Income Tax Department.

Who is required to file ITR?

If the sum of all your income/salary before deductions exceeds the basic exemptions, you are required to file your ITR.

You must file ITR if you are a resident of India for income tax purposes and own any property outside India or are a beneficiary of any property outside India. You must file your ITR even if you are an authorised signatory to any account, immovable or movable, held outside India.

Also Read: Departing from India? From 1st Oct, Clearance certificate under Black Money Act require

If you have invested in shares, bonds or mutual fund schemes of foreign companies or have employee stock options (ESOPS), you will have to file ITR irrespective of your income level.

You will have to file ITR if you have paid electricity bill of more than Rs 1 lakh last year even if the electricity connection is not in your name. If you have spent more than Rs 2 lakh on foreign travel, you will have to file ITR. Whether you have spent it yourself or someone else, provided you have borne the travel expenses.

If the bank deposits in your name exceed Rs 50 lakh in one or more savings accounts combined or Rs 1 crore in one or more current accounts, you will have to file ITR. If the value of all sales from your business exceeds Rs 60 lakh, then you will have to file ITR.

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How to file ITR with late fees-

Filing income tax return with late fees is similar to filing original ITR, except you will have to pay a penalty amount of Rs 1,000 to Rs 50,000 depending on your annual income. Let us know about this process.

• To file belated income tax return, first of all go to the e-filing portal of the Income Tax Department.
• Go ahead and select the option of Income Tax Return and then select the assessment year and financial year.
• Next you will see the option of New Filing, click on it and select the option of Individual.
• Individual will have to select ITR Form-1 and further click on Lets Gets Started.
• Then all the details of income tax will open in front of you, then select the option of Proceed to Validation.
• Next, deposit the penalty amount and your billed ITR will be filed.

What fine will have to be paid?

No charge or penalty is imposed by the Income Tax Department on filing revised ITR. However, if you make any change in your income and show additional income while filing revised ITR, then you will have to pay additional tax on it. In such a case, you may also be charged a fine and interest on the outstanding amount.

At the same time, for filing belated return, you may have to pay a fine of up to Rs 5,000. There is a rule under Section 234F of the Income Tax Department that a fine of Rs 5,000 will be imposed on taxpayers who have made late filing of ITR. But those whose annual income is less than Rs 5 lakh, the maximum late fee will be Rs 1,000.

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Verification required

Under the Income Tax rules, ‘If the ITR is not verified within 120 days from the date of filing, it will not be considered valid. As a rule, you can verify it in six ways. Generally, audit of ITR-1, ITR-2 and ITR-4 is not required. Let us know in what ways you can verify ITR?

ITR can be e-verified in these ways

1. Through Aadhaar OTP
2. Through net banking by logging into e-filing account
3. EVC through bank account number
iv. EVC through demat account number
v. EVC through Bank ATM
vi. By sending signed copy of ITR-V through post to CPC, Bengaluru

How to e-verify ITR through Aadhaar

 Step 1: Visit https://www.incometax.gov.in to access your e-filing account . 

Step 2: Select the e-verify return option under Quick Links. 

Step 3: Select to verify using OTP on the mobile number registered with Aadhaar in it. Then click on the e-verify screen. 

Step 4: Select ‘I agree to verify Aadhaar details’ as checked on the Aadhaar OTP screen. Then click on Generate Aadhaar OTP. 

Step 5: After entering the 6-digit OTP sent to your Aadhaar-registered mobile number, click on Validate.

Step 6: Remember that this OTP is valid only for 15 minutes. You will be given three chances to enter the correct OTP. You will also see an OTP expiry countdown timer on the screen, which will inform you when the OTP arrives. And when you click on Resend OTP, a new OTP will be generated and you will get it.

Step 7: Now a page with success message and transaction ID will appear. Preserve the Transaction ID for further use. A confirmation message will also be sent to the e-mail and mobile number provided by you on the filing portal.

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You can check your refund status online. You can check the income tax refund status either by visiting the website of NSDL or by visiting the e-filing portal of the Income Tax Department.

As on 2 July 2023, around 1.32 crore ITRs have been filed for assessment year 2023-24. Of these, about 1.25 crore income tax returns have been verified so far. So far only 3,973 ITRs have been verified for the assessment year 2023-24. After filling ITR, you must keep checking your e-mail from time to time. This is because the Income Tax Department informs the income taxpayers about ITR through e-mail only.

Check Status on E-Portal Like This

If you have paid more tax than your actual tax liability, you can get refund by filing ITR. For this, first go to the e-filing portal www.inco

metax.gov.in. After this click on the quick link section. Now scroll down and on going down a bit you will see ‘Know your refund status’. Now click on it. Here you have to enter your PAN number, assessment year and mobile number. After doing all this OTP will come on your mobile number. You will see the refund status as soon as you enter the OTP at the designated place. If you have any problem with ITR bank details, then it will appear on the screen that no record was found.

This is the process to check refund status on NSDL website

• Visit https://tin.tin.nsdl.com/oltas/refundstatuslogin.html.
• Now enter PAN, assessment year and captcha and click on ‘Proceed’.
• Select the assessment year for which you want to check the refund status.
• After entering the captcha code, click on submit.
• The status of your ITR refund will appear on the screen.

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