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.

• AO not justified in rejecting registered valuer’s report without reference to DVO – ITAT
• FCRA specifies list of 105 purposes to be selected for which registration is applied
• Withholding tax u/s 40(a)(i) not required on cost-to-cost reimbursement made to parent company
• Temporarily blocking public access to Telegram App not disproportionate – Delhi High Court
• High Court explains the meaning of term ‘enterprise’ appearing in section 80IA