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 t
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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.
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