INCOME TAX DEPARTMENT ISSUES MASS NOTICES FOR ITR MISMATCH FOR FY 2022-23 AND FY 2021-22
The issue concerns bulk compliance communication from the Income Tax Department regarding income mismatches. In most cases, the taxpayer has already disclosed their income, which doesn’t match with the AIS/TIS. An example is provided, where the disclosed interest in the ITR differs from the interest as per AIS/TIS, leading to a communication of mismatch. It’s emphasized that the system’s method of checking the interest from unsecured loans/non-bank parties is incorrect. The correct disclosure method is highlighted, along with relevant images depicting the issue.
BULK COMPLIANCES COMMUNICATION FROM INCOME TAX DEPT FOR MISMATCH OF INCOME!!
In majority of such cases, assessee has duly disclosed his income and there is no mismatch if compared with AIS/TIS.
Sharing one example and requesting @IncomeTaxIndia @FinMinIndia to look into the matter before it turns into unnecessary headache of honest taxpayers & professionals
Interest as per AIS/TIS – Pic 1
From Bank – 448227
From Other Party – 503250
(TDS Deducted)
Total Interest – 951477
Disclosure in ITR – Pic-2
Interest on Deposits (Bank/Post Office)- 448227
Interest-OTHERS – 511793
Total Int. disclosed in Other Sources – 960020
(higher than appearing in AIS/TIS)
Now in above case, Mismatch of Rs. 503250 has been communicated i.e. Interest of Party (other than bank) on which TDS has been deducted has been considered as Mismatch – PIC 4
System is checking Interest from Unsecured loan/Non Bank parties etc. in column Int. on Deposits (Bank/post office/Cooperative Society)-[eligible for 80TTB dedcution] , WHICH IS TOTALLY INCORRECT.
This SHALL BE disclosed in Interest-Others in Other Sources head and has been disclosed the same way!!
