The Income Tax Department has taken a significant step towards enhancing tax compliance by introducing an on-screen function within the Compliance Portal of the e-filing website. This innovative feature aims to address discrepancies between third-party information and income tax returns, particularly concerning interest and dividends. Additionally, it aims to tackle the issue of numerous taxpayers failing to file their Income Tax Returns (ITRs).
Accessing On-Screen Functions
For taxpayers already registered on the e-filing website, accessing the Compliance Portal is straightforward. Upon logging in to their accounts, they can navigate to the ‘e-Verification’ tab to identify any errors. For those not yet registered, a simple registration process on the website is necessary. After providing the requisite information, users can log in and access the Compliance Portal to rectify any errors detected.
Simplified Correction Process
One of the notable features of the on-screen functions is their simplicity; they do not require taxpayers to submit any additional documents. Instead, errors can be corrected directly within the portal through user responses. This approach underscores the department’s commitment to offering taxpayers convenient avenues for rectifying irregularities.
Addressing Interest Income Concerns
Regarding interest income, taxpayers who have already reported this in the ‘Others’ section of Schedule OS in their ITRs need not take further action in response to related errors. The system will automatically rectify these errors, streamlining the process for affected taxpayers.
Updating Returns
In cases where taxpayers encounter difficulties responding to errors, an alternative solution is available: updating the income tax return. This option, provided the taxpayer meets eligibility criteria, not only allows for error correction but also addresses issues related to underreported income. It serves as an additional layer of support for taxpayers navigating the correction process.
The introduction of on-screen functions within the Compliance Portal marks a significant stride towards enhancing tax compliance and accuracy. By providing a user-friendly platform for error correction and updating returns, the Income Tax Department aims to empower taxpayers to fulfill their obligations more efficiently. This initiative reflects a proactive approach to addressing discrepancies and promoting transparency in the tax system.
