Quick Summary
CBDTs e-Verification Scheme harnesses information technology to facilitate voluntary compliance On a pilot basis information of financial transactions pertaining to 68,000 cases from FY 2019-20 taken up for e-Verification e-Verification completed in approximately 35,000 cases out of 68,000 cas
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FAQ :
The e-Verification Scheme, 2021, is an initiative by the Income Tax Department that uses information technology to share and verify financial transaction data with taxpayers. It aims to identify transactions that may have been unreported or under-reported in filed Income Tax Returns.
On a pilot basis, information of financial transactions pertaining to approximately 68,000 cases from the financial year 2019-20 has been taken up for e-Verification.
The entire e-Verification process is digital. Notices are issued electronically, and taxpayers submit their responses online. Verification reports are also prepared digitally, without any physical interaction with the taxpayer.
The scheme benefits taxpayers by allowing them to explain financial transactions with evidence, correct data, and prevent proceedings due to misreported information. It also provides an opportunity to update income that may not have been reported correctly in their original Income Tax Return.
Out of the approximately 68,000 cases taken up for e-Verification from FY 2019-20, e-Verification has been completed in about 35,000 cases, with the remaining cases still under verification.
FAQs on the e-Verification Scheme, 2021, are available on the official Income Tax Department website, www.incometaxindia.gov.
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