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of <h1>e-Verification Scheme 2021: Resolving Financial Transaction Discrepancies and Taxpayer Response under Section 139(8A)</h1> The e-Verification Scheme, 2021, addresses mismatches in financial transactions reported by a Source/Reporting Entity and those included in a taxpayer's income return. When discrepancies are identified, the Source/Reporting Entity is asked to confirm or correct the reported data. If confirmed, proceedings may be initiated against the taxpayer, who will receive a notice electronically or by Speed Post to provide an explanation. The taxpayer must respond through the Compliance Portal. Based on the taxpayer's response, authorities will decide if further clarification is needed or if the taxpayer should update their return under section 139(8A) of the Income Tax Act.
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