What is the usefulness of the e-Verification Scheme, 2021?

Ans. Various steps have been taken to facilitate voluntary compliance. Sharing of information through AIS and pre-filling of return of income being the most recent. The e-Verification Scheme is another such step. It will help:

• Correct inaccuracy in data/information provided by Source/Reporting Entity
• To inform the taxpayer about any transaction which could have been missed in computing income and taxes, and in filing Return of Income.
• To provide an opportunity to the taxpayer to correct any omissions in Return of Income by filing an updated return of Income and pay tax due on the income missed in the original Return of Income.
• To provide an opportunity to the taxpayer to explain a transaction being verified before any further action by way of Assessment or Re-assessment is undertaken.