Implementation of e-Verification Scheme 2021 by Income Tax Department

As the Income Tax Department rolls out the e-Verification Scheme 2021 to rectify mismatches between third-party information and taxpayers’ Income Tax Returns (ITRs), it’s imperative for individuals and businesses to ensure compliance. WorkToRule Consultants LLP, with its team of seasoned tax experts, stands ready to assist taxpayers in navigating this process efficiently and effectively.

The e-Verification Scheme 2021 comes as a proactive measure by the Income Tax Department to address discrepancies in interest and dividend income reported by third parties compared to what is declared in taxpayers’ ITRs. Through on-screen functionality on the Compliance portal of the e-filing website, taxpayers are empowered to reconcile these mismatches seamlessly. Notifications via SMS and emails further ensure that taxpayers are informed promptly of any discrepancies identified by the department.

At WorkToRule Consultants LLP, we understand the complexities involved in tax compliance and the importance of addressing mismatches accurately and promptly. Our team of tax experts is well-versed in the intricacies of tax laws and regulations, ensuring that our clients receive comprehensive support throughout the reconciliation process.

For taxpayers who have already registered on the e-filing website, accessing the Compliance portal is straightforward. Our experts guide clients through the navigation process, ensuring that they locate and address mismatches efficiently. For those yet to register, our team provides step-by-step assistance in completing the registration process, enabling them to access the Compliance portal and view the identified mismatches.

The on-screen functionality of the Compliance portal allows taxpayers to reconcile mismatches directly, without the need for additional documentation. Our tax experts provide guidance on furnishing responses accurately, ensuring that taxpayers comply with the department’s requirements. We emphasize the importance of responding promptly to notifications to avoid any potential penalties or further inquiries from the department.

Furthermore, our experts advise taxpayers on specific scenarios, such as cases where interest income is disclosed under the line item ‘Others’ in Schedule OS of the ITR. In such instances, taxpayers need not respond separately to mismatches related to interest income, as these will be resolved automatically. Our team ensures that clients understand their obligations and rights under the scheme, empowering them to navigate the process with confidence.

For taxpayers facing challenges in explaining mismatches, our experts offer tailored solutions, including the option of furnishing an Updated Income Tax Return if eligible. We guide clients through the process, helping them rectify any underreporting of income and mitigate potential liabilities.

In conclusion, as the e-Verification Scheme 2021 aims to enhance tax compliance and accuracy, WorkToRule Consultants LLP stands as a reliable partner for taxpayers seeking expert guidance. Our team of tax experts ensures that clients navigate the reconciliation process smoothly, minimizing risks and ensuring compliance with regulatory requirements. With our support, taxpayers can address mismatches effectively and maintain peace of mind in their tax affairs.

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