The Revenue Tax Division is sending electronic mail/SMS to recognized taxpayers to confirm their excessive worth transactions. You’ll be able to obtain the SMS/E-mail even after processing of your ITR & intimation already acquired u/s.143(1) Don’t ignore any message/mail corresponding to Excessive Worth Transaction message from Revenue Tax Division. What is that this excessive worth transactions discover from Revenue Tax Division? Easy methods to reply to it on the Compliance Portal.
Consideration (XXXXX1111X), the Revenue Tax Division has recognized excessive worth data which doesn’t seem like in keeping with the Revenue Tax Return filed for Evaluation 12 months 2022-23 (referring to FY 2021-22). Please submit on-line response beneath e-Marketing campaign tab on Compliance Portal (CP). Entry CP by logging into e-filing portal (My Account) – ITD
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Revenue Tax E-mail about Excessive Worth transactions
How will you come to find out about pending e-verification?
E-mail and SMS will probably be despatched to the taxpayer informing that data has been acquired within the case and response could also be submitted on the Compliance Portal. Please confirm and replace the e-mail deal with and cellular quantity on the e-filing portal (at https://incometaxindiaefiling.gov.in ) to obtain digital communication. Largely individuals are getting emails of following sorts
You’ll be able to obtain SMS/E-mail even after processing of your ITR & intimation already acquired u/s.143(1)
- Non submitting of Return: A taxpayer who’s having complete revenue above the prescribed restrict or fulfils another situation talked about in part 139 of the Revenue Tax Act 1961, is required to file return of revenue Transactions of the taxpayer who haven’t filed return of revenue for a selected evaluation yr and have potential tax legal responsibility or who’re beneath obligation to file return of revenue, are displayed for suggestions.
- Excessive Worth Transactions: Sure transactions of the taxpayer reported of their ITR which have been discovered to be inconsistent with the knowledge acquired from the third social gathering for a specified Evaluation 12 months are exhibited to the taxpayer for suggestions.
What if I don’t Reply to Compliance Alert ?
Non or Mistaken compliance with communication from Revenue Tax Division, could lead you to face Discover from revenue Tax Division concerning evaluation/Penalty/Prosecution and many others.
What motion is required from me if I obtain a communication?
For those who obtain such communication, you need to log into the Compliance Portal and examine the main points of points generated and submit satisfactory response for a similar. There is no such thing as a want to go to any Revenue Tax workplace, because the response must be submitted on-line.
Compliance portal is the devoted portal to allow e-verification (i.e. seize of response on particular compliance associated points in a structured method) for efficient compliance monitoring and analysis. The Compliance portal additionally allows a seamless, secured two means structured communication to reinforce the transparency and practical effectivity of the division.
- When you’ve got not filed the ITR, then it’s possible you’ll be required to file ITR.
- When you’ve got filed ITR with out sure incomes, then it’s possible you’ll be required to file Revised ITR. Final date for submitting (Belated) in addition to revising the ITR for AY 2022-23 is thirty first March 2023. Sure, ITR may be revised u/s.139(5) even after Processing of ITR!
- (i) Data is right,
- (ii) Data just isn’t totally right,
- (iii) Data associated to different particular person/yr,
- (iv) Data is duplicate/included in different displayed data, and
- (v) Data is denied.Present suggestions in AIS and When you’ve got missed to report identical in ITR then file revised ITR. You must choose from the next choices:
Sure, ITR may be revised u/s.139(5) even after Processing of ITR!
What occurs after submission of on-line response?
The responses submitted on-line by the taxpayers will probably be verified by the Revenue tax division. If the response is discovered to be passable, the case will probably be closed. In any other case, additional queries could also be raised or appropriate proceedings could also be initiated.
How can taxpayer view the submitted response on every Data?
Step 1: Go to Compliance Portal at https://compliance.perception.gov.in or Login to the e-filing portal by utilizing the URL https://incometaxindiaefiling.gov.in and Click on on ‘Compliance Portal’ hyperlink obtainable in “My Account” or “Compliance” tab.
How to reply to e-campaign discover on Excessive Worth Transactions on-line?
The I-T Division retains a watch on high-value money transactions, together with financial institution deposits, mutual fund investments, property-related transactions and share buying and selling. As a part of its e-campaign to advertise voluntary compliance and keep away from issuing the discover and the scrutiny of taxpayers, the tax division sends e-mail and SMS alerts concerning the non-disclosure of high-value transactions linked to a everlasting account quantity (PAN).
Underneath the e-campaign the taxpayers will be capable to entry particulars of their excessive worth transaction associated data on the designated portal.
When you’ve got acquired an electronic mail or SMS for high-value transactions or non-filing of returns, you’ll be able to reply to the revenue tax division by following the beneath steps:
Step 1: Log in to your revenue tax e-filing account.
Step 2: Within the house web page, go to ‘Pending Actions’> Compliance Portal > ‘e-Marketing campaign (AY 2021-22 Onwards)’.
How to reply to Revenue Tax Discover on Compliance Portal
Step 3: Choose the related e-campaign.
After redirecting from the e-filing portal, the touchdown web page of the e-campaign view will probably be displayed. Choose the related e-campaign and click on on ‘present suggestions in AIS’.
For those who don’t have energetic e-campaigns or e-verifications, you’re going to get the message – “No Compliance Report has been generated for you”.
Revenue Tax Compliance Pending
Step 4: Choose the knowledge class
Broaden related part(s) beneath the ‘SFT Data’ tab
‘e’ could be marked towards the knowledge class for which you will have acquired the communication.
Present data on rows marked e on Compliance Portal
Step 5: Choose the Transaction
The knowledge on which suggestions is required could be marked as ‘Anticipated’.
Step 6: Submit response
You will need to present suggestions on the knowledge, which is marked as ‘Anticipated’ as proven within the beneath screenshot.
Following are the classes the place the response is predicted from the taxpayer beneath e-campaign:
They can even be capable to submit on-line response by choosing amongst any of those choices:
- (i) Data is right,
- (ii) Data just isn’t totally right,
- (iii) Data associated to different particular person/yr,
- (iv) Data is duplicate/included in different displayed data, and
- (v) Data is denied.
Submit response on-line to Revenue Tax Discover
Checklist of Excessive Worth Transactions
Checklist of transactions for which a taxpayer could obtain a discover from the Revenue Tax Division is given beneath.
| Sr. No. | Transaction | Threshold (Rs) | Authority involved |
| 1 | Money deposits within the fastened deposit account | 10,00,000 | Banks must disclose a transaction if the quantity deposited exceeds the edge to the Director of Revenue Tax by submitting Kind 61A, often called Assertion of Monetary Transactions(SFT). |
| 2 | Money deposit or withdrawal in a financial savings checking account | 10,00,000 | Banks must disclose a transaction if the quantity deposited exceeds the edge to the Director of Revenue Tax by submitting Kind 61A, often called Assertion of Monetary Transactions. |
| 3 | Money deposit or withdrawal in a present account | 50,00,000 | Banks must disclose a transaction if the quantity deposited exceeds the edge to the Director of Revenue Tax by submitting Kind 61A, often called Assertion of Monetary Transactions. |
| 4 | Sale or buy of an immovable property | 30,00,000 | The Property Registrar/Sub-registrar should report a transaction exceeding the edge through Kind 61A. |
| 5 | Investments in shares, mutual funds, debentures and bonds in money
*If the transaction is said to the sum switch from one scheme to a different, then reporting just isn’t required. |
10,00,000 | Mutual Fund Trustee, Inventory Alternate is required to report a transaction exceeding the edge through Kind 61A. |
| 6 | Fee of bank card invoice in money | 1,00,000 | Banks must report transactions exceeding the edge through Kind 61A. |
| 7 | Fee of bank card by any mode apart from money corresponding to NEFT, cheque and many others. | 10,00,000 | Banks must report transactions exceeding the edge through Kind 61A. |
| 8 | Sale of overseas foreign money | 10,00,000 | Banks must report transactions exceeding the edge through Kind 61A. |
| 9 | Money cost for buying financial institution draft or pay as you go RBI devices | 10,00,000 | Banks must report transactions exceeding the edge through Kind 61A. |
Easy methods to responsd to Revenue Tax Discover on Non Submitting of ITR
Preliminary Response
Underneath the ‘Preliminary Response’ part, the taxpayer is predicted to reply to related questions. The queries beneath the Preliminary Response part are primarily based on marketing campaign sort (non-filing of return/sure high-value transactions executed by the taxpayer).
For instance, for marketing campaign sort – ‘Non-Submitting of Revenue Tax Return’, the taxpayer is predicted to submit a response whether or not an revenue tax return has been filed or not.
Step 1: Click on on the ‘Present Response’ button offered towards the ‘Preliminary Response’ part.
Step 2: On the following web page, reply by choosing the related drop-down:
- ITR has been filed: If you choose this feature present particulars of the ITR like acknowledgement quantity, date of submitting, mode of submitting and many others.
– Acknowledgement Quantity: You will see the Acknowledgement Quantity within the Revenue Tax Return of that specific evaluation yr.
– Date: Choose Date of Revenue Tax Return submitting
– Mode: Choose Mode of Revenue Tax Return submitting (i.e., e-Filed return | Paper filed return)
– Circle/Ward and Metropolis: Enter Circle/Ward and Metropolis of the taxpayer
– Remarks: Enter remarks for Revenue Tax Return submitting (Optionally available) - ITR has not been filed: If you choose this feature, you’ll have to:
– Choose Purpose: Choose the Purpose for not submitting the ITR
– Add Remarks: Present remarks for not submitting the ITR - Step 4: After filling in all of the related data, submit the response. You’ll be able to obtain the preliminary response submitted from the ‘Exercise Historical past’ display.
Associated Articles:
Try our course on Revenue Tax right here.
Try the Workbook on Revenue Tax right here.
Don’t ignore any message/mail corresponding to Excessive Worth Transaction message from Revenue Tax Division. Present suggestions in AIS and When you’ve got missed to report identical in ITR then kindly file revised ITR. The taxpayer should avail the chance to take part within the e-campaign for their very own ease and profit.
