Quick Summary
The Directorate of Income Tax (Systems) released e-Verification Instruction No. 2 (i) of 2024 on March 19, 2024. This instruction pertains to initiating proceedings under section 147 of the Income Tax Act, 1961, in cases related to e-Verification. Assessing Officers (AOs) are mandated to adhere to the guidelines outlined in the instruction, signaling a proactive approach in handling e-Verification cases. Official copy of the instruction has been mentioned below DIRECTORATE OF INCOME TA
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The Directorate of Income Tax (Systems) has issued e-Verification Instruction No. 2 (i) of 2024, providing guidelines to Assessing Officers (AOs) on initiating proceedings under Section 147 of the Income Tax Act for e-Verification cases.
Assessing Officers (AOs) are mandated to adhere to the guidelines outlined in the new instruction for handling e-Verification cases.
Section 147 of the Income Tax Act pertains to the reopening of assessments in cases where income has escaped assessment.
Information regarding proceedings and documents submitted by taxpayers during e-Verification, including the Final Verification Report (FVR) and estimated income escapement amounts, is available on the Insight portal under the e-Verification module.
The two categories are 'Non-updated ITR cases' where no updated ITR was filed, and 'Updated ITR cases' where an updated ITR was filed during e-Verification without fully reconciling the mismatch.
In Updated ITR cases, the Value at Risk is calculated as the Income Escapement amount determined in the Preliminary Verification Report (PVR) minus any additional income shown by the assessee in their Updated ITR.
CAclubindia
