Income Tax Alert: In recent days, millions of taxpayers across the country have received emails or mobile messages from the Income Tax Department. These messages mention their high-value transactions, such as large deposits in bank accounts, property purchases and sales, and investments in shares or mutual funds. Many people were suspicious of this message, wondering if it was a fake notice or a scam. However, the Income Tax Department has clarified that this message is completely official and legitimate.
What the Income Tax Department Said
The department has clarified that this is not a fake message. It has only been sent to those taxpayers whose information provided in their ITR (Income Tax Return) shows a significant discrepancy with the data available with the department. This message has been sent to taxpayers only to inform them about their transactions and provide them with an opportunity to make corrections. The department wrote on the social media platform X that this communication has been sent only in cases where there is a clear discrepancy between the AIS (Annual Information Statement) and the data from reporting entities.
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Which Transactions Triggered the Message?
The transactions mentioned in this advisory include large deposits in bank accounts, purchase or sale of property, investments in shares and mutual funds, and credit card or other high-value expenses. This information is received by the department from banks, mutual fund houses, registrars, and other reporting entities.
What is AIS and its Importance?
The Annual Information Statement (AIS) contains complete information about your financial activities, which various institutions send to the department. If a taxpayer has shown less income in their ITR or has not reported certain transactions, that discrepancy is reflected in the AIS. The system identifies this mismatch and sends an advisory to the taxpayers.
Opportunity to Make Corrections
The Income Tax Department has clarified that this message is not intended to scare or impose immediate penalties. Its purpose is to allow taxpayers to review their information and correct any errors. If any discrepancy is found, taxpayers can visit the Taxpayer Compliance Portal to provide feedback, file a revised return, or file a belated return if they haven’t filed their ITR yet.
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What should taxpayers do?
If you have received such an email or message, log in to incometax.gov.in and check your AIS and TIS. See which transactions show discrepancies. If the information in the AIS is incorrect, provide feedback there. If the mistake is on your part, filing a revised ITR or a belated return is the safest option.
Last date for filing revised ITR
The last date for filing a revised or belated ITR for Assessment Year 2025-26 (Financial Year 2024-25) is December 31, 2025. No changes can be made after this date. If the discrepancy is not rectified during this period, it may increase the risk of notices, penalties, and interest in the future.