Ignoring mismatch notice may result in a tax demand

FILE A REVISED RETURN BY DECEMBER 31 IF YOU FIND ANY OMISSIONS OR ERRORS

- SAIKAT NEOGI

TAXPAYERS ARE INCREASINGLY getting system-generated intimations under Section 143(1)(a) for discrepancies in returns filed and annual information statement (AIS) or Form 26AS. They must respond by submitting clarifications or file a revised return by December 31.

Non-response to income tax intimations can lead to disallowing of claimed credits or deductions. It may also trigger penalty proceedings for concealment or noncompliance, including fees and interest of Sections 234B and 234C on such outstanding tax dues.