Income Tax

Data pertaining to FY 2019-20 is being processed under e-Verification Scheme 2021

CBDT has notified e-Verification Scheme, 2021 on 13^th December 2021. Presently data pertaining to FY 2019-20 is under verification. CBDT has sought cooperation of the deductors in the successful implementation of the Scheme.

Presently data pertaining to FY 2019-20 is under verification.

With the help of various e-statements i.e. SFT/TDS/TCS filed , the information of financial transactions of taxpayers is gathered, collated and is made available electronically to the taxpayer through the Annual Information Statement (AIS).

Taxpayer is now facilitated to raise an objection to a transaction reported through the AIS. In case of an information which is objected to by the taxpayer, To resolve such issues, a quick electronic response is needed to the communication sent under the e-Verification Scheme, 2021.

The deductors have been requested by CPC(TDS) to avail the PAN authentication facility to help you report correct PAN in the transactions reported. (https://incometaxindia.gov.in/Pages/tax-services/online-pan-verification.aspx)

The salient features of the e-Verification Scheme, 2021 are as under:

1. Information gathered from Source/ Reporting Entity is pushed to taxpayer for viewing in AIS and taxpayer can raise an objection if he/she believes that the transaction is incorrectly attributed to the taxpayer (fully/partially).

2. Commissioner of Income Tax (e-Verification) [henceforth referred as CIT(e-V)] pushes the disputed information back at the Source/ Reporting Entity for confirmation.

3. If Source/ Reporting Entity agrees that information uploaded was incorrect and agrees with taxpayer, then CIT(e-V) closes the matter. Source/Reporting entity is required to modify the statement in which the incorrect data was filed.

4. If Source/ Reporting Entity stands by the information and reports back to CIT(e-V) then the case is sieved through Risk Assessment module.

5. If required to be verified, the Directorate of Income Tax (I&CI) will contact the taxpayer and verify the transaction with reference to the return of income filed/ not filed by the taxpayer.

6. Based on the response of the taxpayer to the proceedings under the Scheme, the Source/Reporting Entity may be contacted once again, if required, by the officer in Directorate of Income Tax (I&CI) who is conducting the verification.

Penalty u/s 271B is not attracted where books of account not maintained – ITAT Allahabad

Penalty u/s 271B is not attracted in a case where books of account have not been maintained In a recent…

7 hours ago

Empanelment

NALCO invites RFP for empanelment of CA Firms for verification of Stores/Spares & movable assets

NALCO invites RFP for empanelment of Chartered Accountant Firms for verification of Stores/Spares and movable assets. NALCO has invited Request…

9 hours ago

Sending or bringing currency of Nepal and Bhutan – RBI revises regulations

Sending or bringing currency of Nepal and Bhutan - RBI revises exiting regulations RBI has notified the Foreign Exchange Management…

9 hours ago

Excise/Custom

Manufacturing without aid of power. Entire process though by distinct units to be seen – SC

Entire manufacturing process though by distinct units relevant for exemption from excise duty on account of manufacture without aid of…

10 hours ago

Income Tax

Delay in filing Form 10B condoned as failure was in 1st year of operation of Trust

High Court condoned delay in filing Form 10B as the failure was in the 1st Year of operation of the…

12 hours ago

Income Tax

Penalty u/s 270A quashed for no satisfaction on what was under reporting & misreporting by assessee

Penalty u/s 270A quashed as there was no satisfaction in the penalty order on what exactly was under reporting of…

15 hours ago