Introduction
The income-tax department has started to reach out to certain taxpayers who have either not filed income-tax returns (ITR) or failed to accurately report high-value transactions in their returns. Objective of the e-campaign is to facilitate taxpayers to validate their financial transaction information against information available with the IT department and promote voluntary compliance, especially for the assessee for the FY 2019-2020 (AY 2020-21) so that they do not need to get into notice and scrutiny process. Department has started sending SMS & Emails to such taxpayers about e-campaign on High Value Transactions on Compliance Portal.
Also Read- Submission of Response on High Value Transactions – FAQs
Page Contents
- Launch of e-Campaign
- SMS/Email from Income Tax on High Value Transaction under e-Campaign
- What is the source of information for e-Campaign?
- What is Compliance Portal?
- How to login to Compliance Portal?
- Facing Issue regarding Email/SMS received but Non Display of Information in e-Campaign (i.e. Blank Data)
- Functionalities under e-Campaign on Compliance Portal?
- What is a Non-filing of return case?
- How a Non-filing of return case is identified?
- What is ‘Taxability of Transaction Relating to Sale of Immovable Property’?
- What is ‘Source of Funds’?
- What if I don’t Respond to Compliance Alert ?
- Response to reported Transaction
- How can taxpayer view the submitted response on each Information?
- Can I check information being reported, but don’t file response ?
- What to do along with Compliance Submission?
- Data-Sharing MOUs with various entities
- Final Opportunity
Launch of e-Campaign
The Income Tax Department has started an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers. The campaign ending on 31st March, 2021 focuses on the assessees/taxpayers who are either:-
1. Non-filers of Income Tax Return or
2. Have discrepancies/deficiency in their returns for the FY 2019-20.
SMS/Email from Income Tax on High Value Transaction under e-Campaign
Taxpayers have started receiving following SMS and Email:-
High Value Transactions e.g. Share Trading/Derivatives
“ Attention (XXXXX1111X), the Income Tax Department has identified high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 (relating to FY 2019-20). Please submit online response under e-Campaign tab on Compliance Portal (CP). Access CP by logging into e-filing portal (My Account) – ITD “
“ We appreciate that you have filed your Income Tax Return and contributed towards the progress of Nation. However, the Income Tax Department has received information on high value transactions relating to (XXXXX1111X) for Financial Year 2019-20. On the basis of data analysis, the Income Tax Department has identified following high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 (relating to FY 2019-20) “
Non Reporting of Savings Bank Interest / FDR Interest in ITR
“ Attention RAM SINGH (XXXXX9999X),The Income Tax Department has identified high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 (relating to FY 2019-20). Please revise ITR / submit online response under e-Campaign tab on Compliance Portal (CP). Access CP by logging into e-filing portal and clicking on ‘Compliance Portal’ link under ‘My Account’ or ‘Compliance’ tab – ITD “
High Value Cash Deposit
“ Dear GXXXXN SXXXH- Income Tax Department has received information about Cash Deposit of 10100000 relating to XXXXX0444X in FY 2019-20. However, as per records available, ITR for AY 2020-21 has not been filed. Please file your ITR by 31.03.2021. You can view transaction details and submit response under e-Campaign tab on Compliance Portal (CP). Access CP by logging into e-filing portal (My Account) – ITD “
What is the source of information for e-Campaign?
Under this e-campaign the Income Tax Department is sending email/sms to identified taxpayers to verify their financial transactions related information received by the I-T department from various sources such as Statement of Financial Transactions (SFT), Tax Deduction at Source (TDS), Tax Collection at Source (TCS), Foreign Remittances (Form 15CC) etc. The department has collected information related to GST, exports, imports and transactions in securities, derivatives, commodities and mutual funds under information triangulation set up.
What is Compliance Portal?
Compliance portal is the dedicated portal operationalized under Project Insight to enable e-verification (i.e. capture of response on specific compliance related issues in a structured manner) for effective compliance monitoring and evaluation. The Compliance portal also enables a seamless, secured two way structured communication to enhance the transparency and functional efficiency of the department.
How to login to Compliance Portal?
Step 1: Login to the e-filing portal by using the URL https://incometaxindiaefiling.gov.in/
Step 2: Click on the ‘Compliance Portal’ link available in “My Account” or “Compliance” tab.
Step 3: The user will be redirected to the compliance Portal.
Facing Issue regarding Email/SMS received but Non Display of Information in e-Campaign (i.e. Blank Data)
You are requested to raise grievance under Communication Category to “E-filing Website Team” on e-Nirvan (attach screenshot of SMS/Email & e-campaign window showing no data).
Response to Few Issued Faced by Taxpayers
1. Why I received SMS/Email even after processing of my ITR & intimation already received u/s.143(1)
> Information regarding High Value Transaction might be reported to Department after Processing of ITR. You are requested to file response to avoid Scrutiny Notice from Department.
2. Why ITR can be revised u/s.139(5) even after Processing of ITR?
> Yes , before the due date of filing of Revised ITR i.e. 31/03/2021 for FY 2019-20
3. Why Few FDRs Interest was not reported in Form 26AS, but reported in e-campaign?
> As TDS is not deducted on FDR Interest upto Rs.50,000, hence not reported in form 26AS. But reported to department through other sources/returns.
4. I have incurred loss in shares transactions, should I show these transactions in ITR?
> Yes, Reporting is mandatory in ITR
5. Can I File ITR (Belated or Revised) after 31/03/2021 in response to e-campaign?
> No, since it would be time barred
6. Why Savings Interest was not reported in form 26AS, but in e-campaign?
> As TDS is not deducted on Saving Account Interest, hence not reported in form 26AS. But reported to department through other sources/returns.
Functionalities under e-Campaign on Compliance Portal?
Under e-Campaign tab of Compliance Portal, information received from various sources related to the taxpayer is displayed for seeking feedback. The taxpayer is required to submit response on each information item to complete the process of submission of response. Following e- Campaign functionalities are available:
What is a Non-filing of return case?
A taxpayer who is having total income above the prescribed limit or fulfils any other condition mentioned in section 139 of the Income Tax Act 1961, is required to file return of income. Non-filers with potential tax liabilities are identified by analysing information received under Annual Information Return (AIR), Statement of Financial Transactions (SFT), Centralised Information Branch (CIB), TDS/TCS Statement, Securities Transaction Tax (STT) etc. and taxpayer profile.
How a Non-filing of return case is identified?
Non-filers with potential tax liabilities are identified by analysing information received under :-
√ Annual Information Return (AIR),
√ Statement of Financial Transactions (SFT),
√ Centralised Information Branch (CIB),
√ TDS/TCS Statement,
√ Securities Transaction Tax (STT) etc
Cases for e-verification are identified on the basis of scenarios and rules approved by the Central Board of Direct Taxes.
What is ‘Taxability of Transaction Relating to Sale of Immovable Property’?
In this response category, the taxpayer is required to give information about the taxability of amount relating to sale of immovable property. The taxpayer can enter relevant information in the following fields to arrive at Income/Gain/Loss with reference to such transaction.
a) Receipts related to above information
b) Stamp value at which property is registered
c) Value taken for computation of capital gains
d) Value relating to other year/PAN
e) Value covered in other information
f) Exemption/Deduction/Expenditure
g) Income/Gain/Loss
What is ‘Source of Funds’?
In this response category, the taxpayer is required to indicate source of deposit/investment/expenditure. If amount is from more than one category, the source of amount may be assigned under various categories in the sequence mentioned below, (Adopting other sequence may result in case being selected for verification based on risk criteria)
a) Out of earlier income or savings
b) Out of receipts exempt from tax
c) Received from identifiable persons (with PAN)
d) Received from identifiable persons (without PAN)
e) Received from un-identifiable persons
f) Others
What if I don’t Respond to Compliance Alert ?
Non/Wrong compliance with communication from Income Tax Department, may lead you to face Notice from income Tax Department regarding assessment/Penalty/Prosecution etc.
Response to reported Transaction
Under the e-campaign the taxpayers will be able to access details of their high value transaction related information on the designated portal. They will also be able to submit online response by selecting among any of these options:
(i) Information is correct,
(ii) Information is not fully correct,
(iii) Information related to other person/year,
(iv) Information is duplicate/included in other displayed information, and
(v) Information is denied.
There would be no need to visit any Income Tax office, as the response has to be submitted online.
How can taxpayer view the submitted response on each Information?
Step 1: Visit Compliance Portal at https://compliance.insight.gov.in or Login to the e-filing portal by using the URL https://incometaxindiaefiling.gov.in and Click on ‘Compliance Portal’ link available in “My Account” or “Compliance” tab.
Step 2: After successful login, click on ‘e-Campaign’ Tab available at home page of Compliance Portal to view Information Summary screen.
Step 3: Click on “Financial Year” under Significant Transactions/Non- Filing of Return/High Risk Transactions option (Whichever is applicable).
Step 4: Click on ‘Financial Year’ available under ‘e-Campaign –Information Confirmation’. (Applicable for non-filing of return).
Step 5: Click on “>” button to view information detail.
Step 6: Click on “View Response” button under Information detail.
A Pop-up window will appear displaying the details of response submitted by the taxpayer.
Can I check information being reported, but don’t file response ?
Taxpayer’s every action is being watched & reported in the form of different icons against each information being reported on compliance portal.
What to do along with Compliance Submission?
In case you have not filed the ITR, then you may be required to file ITR.
In case you have filed ITR without certain incomes, then you may be required to file Revised ITR.
But both of them can be done, only if it is permissible within statutory due dates e.g. 30/09/2020 is due date for filing ITR of FY 2018-19 (AY 2019-2020).
Data-Sharing MOUs with various entities
After reading above article, you now must be thinking, how database of Income Tax is being built. CBDT is entering into various MOUs with SEBI, CBIC, MoMSME etc for exchange of information. Text of Press Release can be read from following links-
Press Release MoU between CBDT and MoMSME
https://taxguru.in/income-tax/cbdt-signs-mou-momsme-sharing-data.html
Press Release MoU between CBDT and CBIC
https://taxguru.in/income-tax/cbic-cbdt-sign-mou-facilitate-exchange-data.html
Memorandum of Understanding between CBDT and SEBI
https://taxguru.in/sebi/sebi-signs-mou-cbdt-share-data.html
Further , CBDT has launched new Form 26AS to enable taxpayer to view information available with Tax Department, as per following Press Release-
https://taxguru.in/income-tax/form-26as-faceless-hand-holding-taxpayers.html
Final Opportunity
Last date for filing (Belated) as well as revising the ITR for AY 2020-21 is 31st March 2021. The taxpayer must avail the opportunity to participate in the e-campaign for their own ease and benefit.
*****
Disclaimer: The contents of this article are for information purposes only and does not constitute an advice or a legal opinion and are personal views of the author. It is based upon relevant law and/or facts available at that point of time and prepared with due accuracy & reliability. Readers are requested to check and refer relevant provisions of statute, latest judicial pronouncements, circulars, clarifications etc before acting on the basis of the above write up. The possibility of other views on the subject matter cannot be ruled out. By the use of the said information, you agree that Author / TaxGuru is not responsible or liable in any manner for the authenticity, accuracy, completeness, errors or any kind of omissions in this piece of information for any action taken thereof. This is not any kind of advertisement or solicitation of work by a professional.
Article Contributed by: Author can be reached at casagargambhir@gmail.com for any queries, issues & recommendations relating to article.
(Republished with amendments)
Author Bio
Hello Sir,
I Got below message today 28.03.2020.
Can you please let me know what action I need to take
“The Income Tax Department has identified high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 (relating to FY 2019-20). Please revise ITR / submit online response under e-Campaign tab on Compliance Portal (CP). Access CP by logging into e-filing portal and clicking on ‘Compliance Portal’ link under ‘My Account’ or ‘Compliance’ tab – ITD”
Regards,
Pavan
Check transactions reported in e-campaign & compare with Basic Documents of transactions as well as ITR. In case ITR need to be revised, then you can do the same by 31/03/2021. Further you need to file response about correctness of transactions reflected in e-campaign
Hi Sir,
Thanx for reply,
I have checked transaction and in which 2 are for in interest but 2 not understood I have booked 2 tax saving FDs with locking period 5 yrs for which not recieved any interest and total amount will be paid on 2024.
What to do in this case
Regards
Pavan
I have got sms from AD-CMCPCI stating – (xxxxx), the IT Department has identified high value information which does not appear to be in line with ITR filed for assessment year 2020-21(relating FY 2019-20), Please revise ITR /submit online response under e-compaign tab on Compliance portal(CP).
On checking at the Compliance portal(CP) and e- compaign tab, no message is attached/visible, which means there is nothing high value information.Then why the message is sent by SMS.
Any one can please guide or explain why Income Tax Department is doing like this.
Similar issue being faced in so many cases. Kindly wait for two to three days. Further as 31/03/2021 is last date to file REVISED ITR for FY 2019-2020, you are requested to raise grievance under Communication Category on e-Nirvan (attach screenshot of SMS & e-campaign window).
Sir I received this income tax msg but e compaign is not opening what to to Attention SARITA RANI (XXXXX1774X),The Income Tax Department has identified high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 (relating to FY 2019-20). Please revise ITR / submit online response under e-Campaign tab on Compliance Portal (CP). Access CP by logging into e-filing portal and clicking on ‘Compliance Portal’ link under ‘My Account’ or ‘Compliance’ tab – ITD
Similar issue being faced in so many cases. Kindly wait for two to three days. Further as 31/03/2021 is last date to file REVISED ITR for FY 2019-2020, you are requested to raise grievance under Communication Category on e-Nirvan (attach screenshot of SMS & e-campaign window).
I have received this msg The Income Tax Department has identified high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 (relating to FY 2019-20). Please revise ITR / submit online response under e-Campaign tab on Compliance Portal (CP). Access CP by logging into e-filing portal and clicking on ‘Compliance Portal’ link under ‘My Account’ or ‘Compliance’ tab – ITd how can I check and submit response and what is time period for that reply
Step 1: Login to the e-filing portal by using the URL https://incometaxindiaefiling.gov.in/
Step 2: Click on the ‘Compliance Portal’ link available in “My Account” or “Compliance” tab.
Do it before 31/03/2021
Hello Sir, Compliance website is not working even i follow step by step clicking as per sms send by IT Department. i also visited site https://compliance.insight.gov.in/compliance/login but this website is also not working then how i reply to them. this is very irritating process to Indian civilians as they pay tax to indian government
Step 1: Login to the e-filing portal by using the URL https://incometaxindiaefiling.gov.in/
Step 2: Click on the ‘Compliance Portal’ link available in “My Account” or “Compliance” tab.
Sir, In form 25 AS , a transaction has been reported under SFT005 of 16 lakhs by axis bank. Total
amount of fixed deposit in axis bank in financial year is 10 lakhs .
Does SFT005 include any other transaction than fixed deposits ? I have got a notification on compliance portal regarding SFT005. Should I reply that information is only partially correct and correct amount is 10laks rupees?
There may be another FDs , which have been matured or jointly held with another family members. Kindly get FDR report from Bank and file response accordingly.
Dear Sir ,
For high value transactions ,when I submit the response that “information is correct” . Whether I have to pay remaining tax online and then fill up the Revised income tax returns , in case already filled ITR. Or whether I have to wait for any Instructions from IT dept. to do further procedure?
Hello Sir,
I received a message from CMCPCI as your Pan has been flagged for not filling of ITR for A.Y 2020-21. Please file your ITR. Firstly I filed my ITR and on income tax portal dashboard I am seeing status as ITR Processed. Nevertheless I also visited e-campaign on compliance portal and showing nothing under e-Campaign >> Under non-filing of return. everything is blank. Even on the dashboard it is showing 0 in red filled circle. So I am not sure how, what and where to submit response. It is possibility that I received message by mistake?
processes for A.Y 20-21.
I also couldn’t find anything on ecampaign.. nor on dashboard.. what should i so
Similar issue being faced in so many cases. Kindly wait for two to three days. Further as 31/03/2021 is last date to file REVISED ITR for FY 2019-2020, you are requested to raise grievance under Communication Category on e-Nirvan (attach screenshot of SMS & e-campaign window).
Sir, I got a notification on compliance portal for non filing of ITR for FY 19-20. How much time do I have to reply in compliance portal ?
Generally within 15 days… However revised return can be filed upto 31.03.21 only
will the date to file revised return be revised? last year it was 30th September 2020 for FY18-19.
for FY 2019-2020, Date is upto 31/03/2021. Last year for FY 2018-2019, date was extended.
In Haryana if an individual want sell his agricultural property less then 1000 sq yard then buyer have to pay stamp duty @ Rs. 12000 per sq yard where as the actual cost is less then Rs 1000 per sq yard. How compute income tax return while filing ITR for both seller and buyer. Please advise.
Purchase cost 1000 + stamp duty value 12000 = 13000 cost of acquisition for buyer
Seller might not sell @ 1000 per square yard if he has purchased the land by paying stamp duty. in other case, 1000 sale price
I am an NRI. we did a Leverage FCNR deposit with an Indian bank in India, where my portion was 5% and bank equity (their foreign branch) was 95%. FCNR is in my name but the deposit was on the lien to the foreign branch of the Indian bank and I had no access to the deposit. On the compliance portal , SFT complete deposit is shown as SFT. how to clarify that my portion is just 5%. what shall be our response on the compliance portal?
hello, Nice article. Want to know how to file returns for prev years. What order number and date be used for filing such returns. We just have an e-verification id number from compliance portal that says return not filed for 2017-18. Filing of prev years return is under order number. Please advice.
My parents got this notice. They sold the property for 30 lacs out of which they paid off some expenses for 3 lacs and deposited the rest in bank. But the notice mentions that the property was sold for 75 lacs. But it is not worth so much. After logging in the website i also saw that information. How should I respond. If I say that the information is incorrect what are the proofs to be submitted
Hi Sir,
We (6 friends) bought one agriculture land via builder, and provided it to builder for development. I have got High Value Transactions with Jointly mentioned in it for the development agreement only. Let me know what should be the reply for campaign?
Sir, Someone done high value transactions fraduently used our PAN of our Firm. Raid done on us and really culprit was caught from different location by GST department who stole the PAN details of our firm and doing ficitious invoices to earn GST refund. We got a notice of high value where as the firm is closed since 2014 VAT surrendered but PAN was active
What is to be done to avoid any further complication from Income Tax Department.
We had given a details story to our ITO and Addl DC of Income Tax but there is no response. We too surrendered our original PAN card after raid but no response . What shall we do please advice
Thanks
Hi, I have received professional income and i file my IT Return in ITR – 3. I have done withdraw and deposit with another bank Rs.14 Lakhs in FY 2018-19, But it is not taxable income. I have received high value transaction message in E- Compaign tab. How can i response it.
Is it not terrorising the Seniors peoples ,Who are keeping ALL his money in the bank and they deducting tax on that Any business he does that is through bank . Why these kind honest peoples mentally suffer through these kind message ??? Can we have another peaceful approach ????
Hi Sir
We have received following message for the NRE FD: Can you please suggest how to respond.
Dear XX XX – Income Tax Department has received information about Purchase of immovable property of XXXX relating to XXXXX0XX0X in FY 2018-19. However, as per records available, ITR for AY 2019-20 has not been filed. Please file your ITR by 30.9.2020. You can view transaction details and submit online response under e-Campaign tab on Compliance Portal (https://compliance.insight.gov.in) – ITD
Sir, I really liked you blog.. I have received information about high value transactions relating in FY 2018-19. However, as per records available, ITR for AY 2019-20 has not been filed. Please file your ITR by 30.9.2020. You can view transaction details and submit online response under e-Campaign tab on Compliance Portal (https://compliance.insight.gov.in) – ITD.
So sir before 30th sep I have submitted ITR File.. In 2018-19 I was trading in future and made huge loss so I thought its not mandatory to file an ITR as I am not falling on tax slab and I made loss too. But suddenly I received this message about high value transaction and when I opened my details in compliance.. I saw the sale value of the stocks were under INCOME FROM DERIVATIVES and many wrong entries were also there..so I have selected an option INFORMATION IS INCORRECT. So sir I wanted to know that if I am not making a profit and I am not eligible to pay tax as per income then why I need to file an ITR. And if they will not be satisfied with my response then what is the next step. Please suggest.
Sir I received terminal benefits of 28 lakhs in 2018. same was invested in FFD. after filing of Return Of FY 18 including interst income total 4.5 lakh income of FY 18. But terminal Benifit not included because same is exempted. SFT 005 reported in 26 AS in the month of May 2020. Till date no complince or SMS received. Any problem may arise in future?
Dear Sir,
On retirement, I received handsome amount which was credited in SBI account opened in joint name with my wife. I filed my ITR and declared everything therein but my wife did not file the return. I transferred a part my amount to a private Bank in cash to get higher interest. Now ITD is sending sms to my wife asking her to file ITR and submit online response on cash transaction. If it is proved that the cash transaction has been done by me, not by my wife, will the Department raise query on me?
Sir,
i have got notification from IT DEPT – COMPLIANCE PORTAL – HIGH VALUE TRANSACTION FOR SALE OF IMMOVABLE PROPERTY BUT ACTUALLY I HAVE NOT SOLD ANY PROPERTY. I HAVE FLAT IN SOCIETY WHICH HAS ENTERED FOR REDEVELOPMENT AGREEMENT. WHAT SHOULD I REPLY TO THIS
Dear Sir,
I applied for activation of my PAN to submit online response on the compliance portal relating to high value transaction but the AO informed that the PAN has been deleted in 2017 due to duplication I.e. one more PAN has been issued to me. But the sms is related to deleted PAN hence another PAN is of no help to submit compliance. What should I do?
Sir I had sold my property at vidiyanagar arasinakunte site no.584/292 around RS.1700000 where I had invested 4.5 lakhs constructed 3.00 sq.house compound sump electricity etc. Further the same amount I had invested in my site SriCHAKRANAGARA site no.21 and constructed 8.00 sq. Building compound wall sump electricity and sanitary connect ions invested 14.00lakhs totally 1850000 hence any tax doesn’t arise
I have received an sms to submit online response on cash deposit related to PAN ********** in FY 2018-19 but while login to the web portal a message is flashed that this PAN does not exists. Hence I am unable to submit online response to the query. Can I submit offline response? Please guide me
You should immediately delete this comment. You are exposing your PAN number on a public site which could be misused by anyone.
me lot of loss in share trading my pan no:ATIPV 6284A me living in rent house me and my family members not anybody in own property..me work in salery person,,in private in future i earn money we submit my proper income and tax pay
I got notice for High value transactions in equity market which I really did but there are 6 segments of transactions they asked to reply . Out of them 4 relect to turnover (1speculative sales 2speculative purchase 3 Delivery based purchase 4 Purchase other than actual delivery ) but in rest of 2 segments it is mentioned as INCOME (1 Income on Sales delivery based 2 Income on sales other than actual delivery ).
What should I reply in respect of last 2 segments which are assuming my sales as income. I am not in profit and all the deliveries were hold for short term only and all the transactions are made with margin money only about one lakh .All the amount mentioned is in crores even in income segments also while I was in a little loss actually.
Hi Sir,
We had got lease amount of ₹7,50,000 after vacating house and we had deposited a total of ₹10,91,000 in bank in fy 2018-19. Now getting message to file IT but we have filed IT for FY 2019-20 . Should we file IT for FY 2018-20 ??. If yes then how to justify the cash transaction.
Sir, I repatriated funds from my NRE account in FY 2018-19. I received email via e-Campaign regarding not filling ITR for AY2019-20 and information regarding the above outward foreign remittance.
Is there a way to indicate that this outward foreign remittance was from an NRE account and not from income earned and Do I need to file IT Return for AY 2019-20?
Hi Sir,
Good morning,
I am an NRI and I have received high value transaction related to credit card online payments from Income tax dept. But actually credit card purchases made by my close friend for his business purpose and every month he used to do online transfer to my bank account and I pay the credit credit card bill from my account.
Could you please help how to resolve this situation.
I haven’t file ITR because I don’t have any income in India.
Res sir Meri mataji ne 2018 me me ek plot 28lack me becha that plot ki registry bhi 28lakh ki thi .aur Aya hua Paisa bank me fix diposite kr diya.unka itr file nahi kiya hai.aur Kal high transaction in2018-2019 compliance sms Aya hai .so pls suggest me what we do
Hello Sir, The article is really nice having detailed info. However I have query as below:
My wife is housewife and resident of India and I am residing abroad NRI.
We bought property in India and my wife is as a co applicant in agreement for purchasing the property.
She got an SMS mentioning
Dear XX XX – Income Tax Department has received information about Purchase of immovable property of XXXX relating to XXXXX0XX0X in FY 2018-19. However, as per records available, ITR for AY 2019-20 has not been filed. Please file your ITR by 30.9.2020. You can view transaction details and submit online response under e-Campaign tab on Compliance Portal (https://compliance.insight.gov.in) – ITD
Could you please advice :
I think to chose this option :
Information relates to other Person/Year :
INFO – The Taxpayer is aware of the Information but it does not belong to him completely. This may happen in the case of joint ownership of property or joint holding of accounts or other assets. While choosing this option Taxpayer is expected to provide correct and complete information of other person to whom the Information pertains (i.e PAN, relationship and Amount).
My grandmother got msg for non filing and high value transaction from e campaign for same year.
In high value transaction they show a total sum rec’d by my grandmother from sbi pension account as 192 salary (Say 12lac), but fact is 75 percent amt relates to pf and gratuity rec’d as revision for 7th pay (i.e increased amt rec’d next year after retirement i.e 9 lac pf + gratuity) and balance is monthly pension (3lac) . Suggest me what to do?
What I think is
1.File ITR and disclosed it properly i.e, 3lac as salary and remaining as 9 lac and gratuity and pf.
2. In e campaign portal – click on option “info is not fully correct” .( As amt 12 lac rec’d is true but whole amt is not salary, only a portion is and remaining amt is exempt as she was a govt employee.)
Pls reply and correct me
Sir I’m government employee ..My annual income is near about 300000 so I don’t file ITR till now…But on 26 september I received notice about 1) HIGH VALUE TRANSACTION and 2) FILE ITR FOR ASSESSMENT YEAR 2019-2020
Last date to file ITR FOR FY 2018-19 is 30 SEPTEMBER 2020…
I purchase and cell share in INTRADAY between 2018-2019 and make huge loss about 4 laks during the year…And E-campaign tab show detail of my intraday transaction..
Now my question is
1) should I file ITR ,, if file then which ITR type ITR 1/ ITR 3
2) intraday trading is ban for gov. .employee I think…
3) can I file normal ITR1 showing only my salary details ..
4) they also charge 1000 ra to me under fee u/f234
Sir I have retired Army on May 2018 .i have got, insurance. Commutation. and gratuity .got message high value traction. Land.purchese loan. Car loan. House loan. Child edn. How to solve this matter.check plz.
Dear Sir
I’m an NRI. I have received high value transactions for the year of 2018-19.I have NRI Fd and and normal FD as well ..
I don’t know for which they noticed for high value.Although I didn’t file my ITR for the year 18-19 my CA he is asking of my presence to return the ITR.Kindly guide me how to fix the issue
I am a house wife.. my husband TRF some saving to me for fixed deposit. I got high value transaction msg from income tax department.. please tell I need to fill itr for 2018-19
Since you are getting interest from Fixed deposit, it is considered as income from other sources. Although you are housewife, you will be required to file ITR in this scenario where you are earning interest from FD. There will be no need to worry as you can do everything online.
Dear Sir,
Thanks for the article. e-campaign site shows 50% of purchase value of immovable property in my name. The title of property is jointly held by me and my father. the purchase was completely out of my father’s funds and he has disclosed it as 100% in his ITR AY 19-20.
I have filed my original ITR for AY 19-20 a week back.
What do i respond on e-campaign?
1. modify and mention value as NIL, or
2. modify and mention correct proportionate purchase value?, or
3. any other suggestion
Thanks
Dear Sir,
Thanks for the article. e-campaign site shows 50% of purchase value of immovable property in my name. The title of property is jointly held by me and my father. the purchase was completely out of my father’s funds and he has disclosed it as 100% in his ITR AY 19-20.
I have my original ITR for AY 19-20 a week back.
What do i respond on e-campaign?
1. modify and mention value as NIL, or
2. modify and mention correct proportionate purchase value?, or
3. any other suggestion
Thanks
My Dad is a pensioner (Army) and he has received gratuity amount in Nov-18 . He has got the high value transaction message. Do we have to pay tax for this ?
Hi I am an NRI, I got high value transaction alert for my NRE account FD..
Sir, after my father expired his money transferred to my mother account with the help from bank. So now we received high transaction message, so is that taxable.
Thanks for your help.
Dear sir,
I keep all my saving in my wife account, now I got a message from CMCPCI as they have found high value transaction in her account. U am not sure if this is a genuine message or fake. If genuine then what will need to done, do I need to connect with any chartered accountant. Your advise will be highly Appreciated.
How to verify the significant transaction with book of accounts as there is no customer name in case of export payment made
sir,thank you for this blog
i have very much losses in share market,so not liable to pay tax
but i got notice from income tax office and i response to not liable to tax
so should i response all the information is correct?
Sir Can intraday trading be shown under 44AD ….IN ITR 4 NO ACCOUNT CASE
Resp sir, my minor son received gift from his grandfather, which was invested in mutual funds. Should it be reported as out of receipts exempt from tax, Or receipts from identifiable person with pan. Thanks
I have done trading in ‘Stock Derivatives’.In this trading only contract for buy/sell is done on security of pledged existing shares.No payment was made to start/finish the trade.Only net profit/loss was received/paid after squiring up the trade.Net profit / loss has been taken as ‘Short term capital gain’ in my filed return. IT deptt has assumed full contact value as ‘High value transaction’ and issued me notice.What should be my reply for this partially correct information? Should I deny? How can I explain this fact ?- A K Srivastava, 9415429232
Very nicely explained sir. Please write a blog for Traders too who need to audit their transaction, turnover issues etc. We Traders are confused about ITR-2/3
Apne jo you tube bataya bahut achha laga but jo apne working table banaya use pls is mail pe share kar de.
Very Well explained … Thanks for the article…