Navigate Your Compliance Journey on the Portal

The Central Board of Direct Taxes (CBDT) has enhanced the Income Tax portal with a new feature known as the 'Compliance Portal', part of the 'E-Verification Scheme 2021'. This initiative is designed to address discrepancies identified between taxpayer-reported income and third-party financial data for the assessment years 2021-22 and earlier.

Misalignments in reported income can lead to significant complications, including potential tax notices. To proactively manage these issues, the Compliance Portal allows taxpayers to review mismatches and rectify inaccuracies directly through the portal. This functionality not only streamlines the process of verifying income but also ensures that taxpayers can avoid the pitfalls of unexplained discrepancies.

For instance, when discrepancies arise from duplicated entries in the Annual Information Statement (AIS), the Compliance Portal intelligently identifies and rectifies these errors automatically. Taxpayers who have accurately reported interest income under 'Others' in their ITR need not take additional actions, as these will be resolved by the system itself.

Moreover, the 'E-Verification Scheme' enhances transparency and compliance by providing taxpayers with clear insights into mismatches. This not only aids in accurate reporting but also supports taxpayers in providing evidence for their financial transactions during assessments.

The Compliance Portal can be accessed directly through the dedicated link or by logging into the income tax return portal then navigate to pending actions where the e-Verification options are available. This dual-access approach ensures that all taxpayers, whether or not previously registered on the e-filing website, can manage their tax records effectively.