68,000 Cases under e-Verification Scheme 2021: CBDT

 ​    Press Release, dated 13-03-2023 The … Continue reading “68,000 Cases under e-Verification Scheme 2021: CBDT”
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Press Release, dated 13-03-2023

The Central Board of Direct Taxes (CBDT), vide notification No. 137 /2021, dated 13-12-2021, notified the e-Verification Scheme, 2021. The Scheme aims to share and verify such financial transaction information with the taxpayer, which appears to be either unreported or under-reported in the taxpayer’s Income-tax Return (ITR).

As per the Scheme, where the mismatch between the amount accepted by the assessee and the amount reported by the reporting entity persists, the information after initial e-verification shall be run through a risk management strategy laid down by the Board. The information found to be no/low risk on such risk criteria or where no further action is required shall be processed for closure.

The CBDT has stated that in about 68,000 cases, information on financial transactions pertaining to FY 2019-20 has been taken up for e-Verification on polit basis. Details of the transactions have been initially shared with the individual taxpayer through an e-campaign. The designated directorate has completed e-Verification in approximately 35,000 cases, and the remaining are under verification.

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