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
I have received high value transaction from income tax dept. On checking the compliance report, I can see that they have included sum (61k) and also individual entry for this amount in the sheet. however I have only received 61k from bank and same is mentioned in my TDS sheet and form 26.
Also in the individual item, one item is showing a very high value of more than 2 lakh. i visited by bank and told them about it. they are yet to check and respond to me.
What should i mark in the options given, either wrong entry or duplicate…also in my savings accoutn interet is 1238 . i think since it is below 10 K, i need not put in itr correct?
Hi,
I have submitted revised ITR having details for High Value Transaction and verified via Aadhar.
Please confirm if need to follow any further steps on Compliance Portal.
Yes, file response as well on compliance portal
Sir,
Just got a compliance notice on Sunday, 28 March 2021 regarding the high value transaction for bank interest income. I have submitted the response on the compliance portal by confirming the information.
The March 31,2021 timeline for submitting the revised ITR for AY 20-21 seems to be tough as the notice is just received on 28 March.
Should I wait until the department asks me to submit the revised ITR for AY 20-21?
Is the timeline to file the revised tax returns likely to extend beyond 31st March 2021?
No further relief expected.. Kindly file before Due date of 31st march.
I got refund when I filed ITR. Now I got e-campaign SMS and looks like need to file revised ITR by including interest income which was missed earlier. I have to pay additional tax now. How will Income tax dept adjust the amount which they had refunded me earlier? Will my revised return have old refund added as well which I am supposed to pay back?
Hi, I had also received the high value transaction for Saving bank account interest and total interest was 59000. I followed the steps and submitted the campaign and then I was asked to pay 21580 INR (36%) as tax again and then I revised ITR and paid online amount and got challan number. My CA charged 1500 to do this. Last date is 31/03/2021.
Hi, I had also received the high value transaction for Saving bank account interest and total interest was 59000. I followed the steps and submitted the campaign and then I was asked to pay 21580 INR (36%) as tax again and then I revised ITR and paid online amount and got challan number. My CA charged 1500 to do this. Last date is 31/03/2021.
Dear Sir,
I received the sms yesterday regarding high value transaction, however it’s for the interest payable. Tax department should be concerned about interest paid as per law then why are they asking us to confirm interest payable in future.
Please check as it is Interest paid in FY 2019-20 on savings account and FDR
Sir, I have already received intimation from IT department before 3 months as no payment due..still I am receiving this high value transactions sms..basically interest income related..which is not matching per bank records..Please advise what to do..thx
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. Kindly reconcile with Bank Interest certificate and file response accordingly
I too received the e-compliance notification. In my case report includes both total calculated by bank for FD interest and submitted under 194A in Form26, and also the individual component coming from different FD present with the bank. Thus total interest earned shown in report is more than twice the amount actually earned. Appreciate if you can suggest if I should mark “Individual components” Or one filed under 194A as Duplicate ? Is claimed denied a better response here or duplicate is fine ?
Mark as duplicate
Dear Sir,
I too received message yesterday regarding e-campaign. I want to know whether during refiling itr document do we need to add closed FD accounts details as i saw closed accounts also part of e-campaign site.
Any suggestions.
Yes, as closed accounts have also earned Interest during the year
Sir, my ITR was processed and refund was issued to me for AY 2020-2021. Now in compliance portal it is showing savings bank interest from my different account which i had missed while filing ITR. Plz guide me through the process of filing revised ITR. How can I pay the remaining tax.
File revised ITR in the same manner as original ITR except selecting section 139(5) at the time of filing of ITR.
Hello Sir, I have also received the same message. Interest on savings account and interest on FDRs is reflecting in e-camapign, but why is the interest on my FDRs not reflecting in the 26AS, but showing in e-campaign.
As TDS is not deducted on Saving interest & FDR Interest upto Rs.50,000, hence not reported in form 26AS. But reported to department through other sources/returns
I have received high value transaction from income tax dept. On checking the compliance report, I can see that they have included sum (65k) and also individual entry for this amount in the sheet. This is showing as 130k as total due…however I have only received 65k from bank and same is mentioned in my TDS sheet and form 26.
What should I do and which one of this should I mark as duplicate entry?? The individual amount or the sum 65k
I have received high value transaction from income tax dept. On checking the compliance report, I can see that they have included sum (61k) and also individual entry for this amount in the sheet.however I have only received 65k from bank and same is mentioned in my TDS sheet and form 26.
Also in the individual item, one item is showing a very high value of more than 2 lakh. i visited by bank and told them about it. they are yet to checka dn respond to me.
What should i mark in the options given, either wrong entry or duplicate…also in my savings accoutn interet is 1238 . i think since it is below 10 K, i need not put in itr correct?
Mark any of the entry as duplicate entry
Also what about a high value of interest as 2 lakh which is completely wrong as my interest for that FD is only about 13k. What should i put as response for that.
This is a very helpful article. Found answers to my questions here. Thank you!
I have also received this notification with 2 transactions in the High Value Transactions-Other Source Income category, however one transaction details seem to be incorrect because the account# is not mine. I can confidently select “Information is Denied” for this transaction isn’t it?
Yes… you can also give details of another person’s PAN, if that account is known to you
Hello Sir, I have received many entries like below in compliance portal,
1) Total interest payable by a banking company (SPP) 4732.0
2) Interest other than “Interest on Securities” received (TDS Form 26Q, Section 194A) – 92305
First one is an example for Time deposit interest and second one is for sum of all time deposit interest, What response needs to be selected in compliance portal for 2nd type of item. could you please help me through. Also note that income tax for such entries is disbursed already in ITR. Thanks in advance.
Duplicate entry
Thank you sir for guidance. One more clarification/confirmation on the same. Need to select duplicate for the combined entry i.e Interest on Securities” received (TDS Form 26Q, Section 194A) or for multiple entries which sum up to the combined entry?
Hi there –
Very similar sms/email received. I got suprised when IT sent me message on the high value transaction. The total value to be file in revised around 2L+. Few questions
a) Should it be filed u/s ? revised 139(5)
b) it is also calculating interest under 234b and 234c (which shouldnt be the case? or the interest gets calculated). Is there any way to get this exemption since it is more correction
c) Also, the interest calculated under sec 234b and 234c are more than 1%
Regards,
Yes, revised ITR under section 139(5). Interest is payable as deferment and non payment of Advance tax.
Hi,
I received a message yesterday regarding high value transaction.Do i need to first respond to e-compliance and then file revised ITR by 31-03-2021 or first file revised ITR and then respond to e-compliance ? Also, do i need to fill each details in revised ITR again or just the missing details as mentioned in e-compliance ?
Thanks,
Rakesh
File revised ITR with complete details by 31/03/21. also then file response
Thanks,
Is there any deduction available for interest income from other sources (Savings, FD etc) ?
I read somewhere that max Rs 40000 deduction for income from other sources can be claimed under section 80-TTA from FY19-20 onwards. Is it true ?
Thanks
Rakesh
Sir i got a message regarding compliance and high value information.
It is displaying 4 transactions regarding FD interest of which 2 transactions is already included during my Tax filing whereas the other 2 transactions i missed it by mistake and will submit the revised return.
My query is
What should i reply in the portal?
Should i reply for all the 4 transactions as “Information is correct”
OR
For the 2 transactions which i missed by mistake as “Information is correct” and
for the 2 transactions which is already included in my filing as “Information is duplicate/included in other displayed information”
Please help me in my query.
Information to be confirmed as correct irrespective of fact whether reported in ITR or not
Hello Sir, I have received many responses like below amounting to almost 50K, I am not understanding what does this mean exactly, could you please help me through. Thanks in advance.
1) Total interest payable by a banking company (SPP) Account No: xxxx, Account Type: Saving 3,539
2) Interest other than “Interest on Securities” received (TDS Form 26Q, Section 194A)
Also do I mandatorily need to get bank interest certificate from Bank.
Also I see the interest they have calculated is very high
Yes, Reconcile the interest from Bank documents /certificates before any response or filing ITR
Hi sir, even I received sms on High value transaction , I have accepted it on complaince portal , should I need to take any other action on it?? Please let me know
I have received the message of “High Value Transaction to check in e-campaign” which is regarding bank interests. I understand that I need to revise my ITR now, but my ITR is already processed and I have received back a refund of Rs. 7,500.
How can I pay back the additional tax + the refund which I have received? The revised ITR is not taking into account the refund which I received.
Pay additional tax as self assessment tax
I received the below message –
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). I had submitted ITR considering the interest that got from the bank (multiple Transactions). In the compliance portal I am seeing all those multiple transactions & also 1 single entry of all these combined as “Interest other than “Interest on Securities” received (TDS Form 26Q, Section 194A)”. What option I should select for multiple entries & the single entry?, Thanks
Select multiple entries as duplicate
There is one problem here. There are two values that the Site show me, that I have already included in the ITR, however as per the site this value is not included. So should I say Information is denied?
If the given figures are correct, then accept as correct, irrespective of fact that it is already reported in ITR
Can we submit e-compliance without bank intrest certificate as banks are closed
If you have idea that it is apprx correct, then can file response
Hi,
I have received a message from income tax stating that the department has identified certain high value information. On checking the governance portal, i came to know that the same was due to interest received from FD’s where I am a secondary holder. TDS on the interest is deducted under the PAN of primary holder and also these interest are not being shown in my 26AS. What to do in such case. Request assistance.
Select as information belong to another person
Hello Sir, could you please help me through. Thanks in advance.
1) Total interest payable by a banking company (SPP) :1.5L
2) Interest other than interest on securities received 88K
It seems amount in (2) is already covered in (1).
Is my understanding correct?
Yes, select one of them as duplicate
Hello Sir,
When I checked the CP website, it showed me that XXX amount was based on Bank Savings and Fixed deposits and I had not included it in my ITR.
It said “Response yet to be submitted: Rs. XXX”. I clicked on Bulk response and selected “Information is correct”.
Now what should I do? Should I revise the ITR or wait for next year? If I have to revise, how can I do it?
Thanks,
Nikhil
Revise the ITR by selecting Section of Revised ITR i.e. 139(5)
I have recieved the same communication and it is related to the accrued interest on SB account.
Now I wish to file revised ITR. Should I choose schedule OS while submitting it? And when/how do I pay the resultant tax?
Yes, Schedule OS, pay tax as self assessment tax
Sir, on compliance portal the interest payable on time deposit showing against the FD which are 5 years Tax saving and not matured as of now. The interest payment is chosen at the time of FD booking is on maturity only. Also, the same is not showing in interest income certificate received from the bank. Please help
Compute Interest as percentage of FDR value and file response
Hi Dear,
I also got similar kind of message on my mobile number yesterday night but no mail received on my email address.
While visiting on e-campaign on compliance portal, it is showing some saving account interest entries below 10000 INR. I got to know that if saving account interest is below 10K then need not to be mentioned while filing the Tax.
My AY 2020-21 return is already showing as ITR processed so how i can revise it and what is last date for this as i got this message yesterday night March 28th, 2021 only.
Thanks,
You need to show interest as income then claim deduction u/s.80TTA. Last date is 31/03/2021.
When i opened compliance portal i saw FD interest identified as 26Q, whereas the same was already in 26AS and accordingly i filed return, What should i do now for 26Q figures
Check the information, if correct, then file response only. No need to file revised ITR, if all information duly shown in ITR
Hi Sir, I received this SMS yesterday
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
But my 26AS is matching with my FORM-16 and returns. When I go to compliance portal which is showing 1lakh amount in other income. What should I do? Pls suggest
check accuracy of Information reported
Sir
Iam paying tax on FD as per form 26AS.i already filled my return . I received sms from compliance portal. Kindly clarify on what interat I have to pay tax 1.on interat accrued or 2.
Interest as per 26AS.
Regards
Hi i also have received the Interest from bank details under high value ,so i have responded back stating it as Yes its fine but now if i have to revise the ITR1 and pay tax ,am not able to understand whether it was notice and if so which sec and also after paying tax ,those details like challan no ,BSR no and tax paid details where we need to update in ITR1
Thanks for the detailed explanation Sir.
I’m in the last step in submitting rectified ITR but was surprised with the tax payable amount.
Schedule OS has net income on (FD/Savings Interest) – 51,099 Rs
I fall under 30% slab, considering all the fees what do you think must be the additional tax amount I need to pay?
Dear Sir,
I have got a similar message regarding high value transactions. I had not declared the savings bank interest in my ITR. So kindly advice
1) confirm the information in compliance portal and then file revised returns.
2) file revised returns and then confirm in compliance portal.
3) directly file revised returns and not reply to information in compliance portal.
4)just validate the information in e-campaign and not file revised returns
Got SMS: from IT that identified high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 ( FY 2019-20)
After going through found its related to savings bank interest whereas I considered only one bank while filing return not other one.
Q1: For the one I have considered should I still say info is correct and revise with taking both bank interest.
Q2: SMS says high value but in FY 2019-20 I do not have such high value transaction. So whats a criteria to get this compliance trigger.
Got SMS: 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)
After going through found its related to savings bank interest whereas I considered only one bank while filing return not other one.
Q1: For the one I have considered should I still say info is correct and revise with taking both bank interest.
Q2: SMS says high value but in FY 2019-20 I do not have such high value transaction. So whats a criteria to get this compliance trigger.
Hi Sir. I received any email yesterday saying high value transaction – wherein an amount has been quoted as “ purchase of securities of X amount settled OTHER THAN DELIVERY/ transfer .
Sir I only do delivery investing ( no intra a day or fno. ). What should I do – mark deny in responses ? Thank you
Sir,
I had recieved the same msg Attention DIVANSHU AGRAWAL (XXXXX7321X),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).
I checked and found that some interest from saving bank account was missed while filing ITR, my ITR have been processed, how can i revise my existing ITR. Please guide me.
I got the same message for FD and Savings Interest. But my ITR is already processed and I got the returns. Please guide me on the next steps?
Dear sir,
I received a msg stating high value transactions mismatch. The reason is that I have not included fd interest and I received refund of the tds in dec. Now I am trying to file revised return, but it is not capturing earlier refund given. Ideally now I need to payback the refund given but the system showing the refund again.
First we have to reply on compliance portal that information is correct and then we should file revised return before 31st march… pls suggest….
Hello Sir,
I also got the similar kind of message on my mobile number last night but no email received on my email address.
When i checked on compliance portal as high value transactions, they are showing some saving account interests including below 10000 INR.
I heard that below 10K INR interest need not be mentioned while filing the Tax, Is it true?
My AY 2020-21 return is already showing as ITR processed. How i can revised return in this case now?
I got this message yesterday night only Mar 28th, 2021 and till my time i can submit my revise return?
Thank you in advance-
Sandeep
Hi Sir,
I got a msg from ITD for e-campaign under high value transactions.
As I see in the compliance portal, it has two duplicate entries for interest from a FD. The FD interest has already been reported in the filed ITR. I’m not sure which option to select in the compliance portal for the two entries. Should I mark one as duplicate and other as incorrect? Or only one as duplicate and the other one as correct.
Thanks
Sir, I received e campaign (high value transaction) with a total value of all bank interests from 3 of my bank accounts. I verified statement and its almost correct. In this case can I accept all and what is my next step? How do I pay additional tax and how to edit ITR? Can you please advice
When I have checked my 26AS, my Return is as per the income from interest from Bank,
How the income tax is reporting additional interest income from banks?
My interest income is more than 50000, Has bank not deducted TDS ?
Also, there were some few transaction on interest on FD for which response is provided. Do I need to file revised ITR ..or should wait for further notification .
Where will i get the option of revised ITR becuase even if I am trying it says ITR processed
I also received the below message –
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
When I have checked my 26AS, my Return is as per the income from interest from Bank,
How the income tax is reporting additional interest income from banks?
Has bank not deducted TDS properly?
Pl guide
Bank don’t deduct TDS on Interest Income below 50,000. hence you are requested to get Interest Certificate from Bank and compare with e-campaign figures as well as ITR figures. If mismatch in ITR, then you can file revised ITR before 31/03/2021.
But Bank had deducted TDS on X amount and it was shown in my 26AS. Based on that I had mentioned it as income in my ITR and paid deficit tax also. Now campaign portal showing amount Y from the interest from the bank. Is the ambiguity raised from the bank?
Hello Sir,
I See Tax deduction done by Bank on the same day of interest given.. may be less amount, how to consider the tax to be paid correctly.
Dear Sir, In this case how do we pay the additional tax ? will there be any penality ?
Hi,
I received same message yesterday.Do i need to first respond to e-compliance and then file revised ITR by 31-03-2021 or first file revised ITR and then respond to e-compliance ?
Also, do i need to fill each details in revised ITR again or just the missing details as mentioned in e-compliance ?
Thanks,
Rakesh
My savings bank interest is more then 50k, does that mean bank would have deducted tds and given interest. or once I declare that as income and file revised ITR I would be liable to pay more tax to govt??
If banks don’t deduct TDS on Interest Income below 50,000, then why are these figures of even 5000 are showing up? If we show as our income, then we are liable to pay taxes on them..correct?
Even I have got a similar SMS, however in the e-campaign section interest from Tax saver FD has been mentioned before the maturity date. Please tell if the same amount should be agreed or denied ?
Hi shilpi, I’m in the same boat. Let’s discuss. mail me on phunsuk.proxy at gmale dot com
Kindly advise under which section should the REVISED ITR be filed for HVT e-Campaign SMS prior 31.03.2021
Hello Sir. I have received the same message for High Value Transaction and see them in Income from other Sources.. I am able to respond under eCampaign. Do I need to respond in eCampaign only before 31/3/2021 or Do I need to Revise my ITR-1 again before 31/3/2021 including all the Income from Other Sources.
Raman just trying to find a cause for this trigger
Is it any high value transaction done by your end in FY2019-20 OR even in current FY2020-21. Being this is not the case with others
I got a msg as ITD has identified high-value information that does not appear to be in line with the ITR for assessment yr 20-21 . However, I also visited e-campaign on compliance portal and showing nothing under e-Campaign >> High-Value Transactions. everything is blank and also i am unable to click on the tab. Even on the dashboard i am unable to click on the Red circled tabs. Please help me as i am worried about this. All my tax details are valid and i have been paying the tax regularly.
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).
Faced same issue, solution is to open the website in mobile view
Dear Sir, I received SMS that I need to go to compliance portal as some high value transactions are not matching with my ITR. The case is regarding savings interest declaration in ITR. How much time I have to file revised return
31/03/2021 is last date to file REVISED ITR for FY 2019-2020 (AY 2020-2021)
Thanks sir for guidance. Very nice article.
Dear Sir,
I got below SMS :
“The Income Tax Department has identified high value information which does not appear to be in line with the Income Tax Return filed for AY 2020-21. Please revise ITR / submit online response under e-Campaign tab ..”.
On the CP portal I confirmed the same.
But my AY 2020-21 return is already showing as ITR processed. Can I file the revised return in this case? Please suggest what should I do now.
Regards.
Yes, 31/03/2021 is last date to file REVISED ITR for FY 2019-2020 (AY 2020-2021).
Hi Sir,
Yesterday I got this message from Income tax deptt. for complaice , when I am login to compliance portal I am seeing “interest other than “interest on securities” recieved (TDS FORM 26Q, section 194A), could you please confirm what is this and how can i see this transaction.
If there are certain unreported transactions in ITR, as reflected in e-campaign, then it is recommended to file Revised ITR before 31/03/2021 to avoid penal action.
Hello Sir,
Under what section should I file revised return before 31 Mar 2021 for FY 19-20? Should it be 139(9)?
Also should I wait for confirmation of my response to Compliance e-campaign or any other notice from the IT department?
Hello Sir, I have received many responses like below amounting to almost 50k, I am not understanding what does this mean exactly, could you please help me through. Thanks in advance.
1) Total interest payable by a banking company (SPP) Account No: xxxx, Account Type: Saving 3,539
2) Total interest payable by a banking company (SPP) Account No: xxxx, Account Type: Time Deposit 2,824
It is Interest Income on your savings account & FDRs. Kindly get interest certificate from Bank and compare with figures reported in ITR. Kindly note that 31/03/2021 is due date to file revised ITR.
Hello Sir ,
I have got message for high let transactions and when i have gone to compliance website , its showing there is other income of 87441 – which is of 18 interest payable by all different banks from FD
what should i do now ?
do i have to fill again ITR form for 19-20 ?
and do I have to give answer – BULK – information is correct ?
It is Interest Income on your savings account & FDRs. Kindly get interest certificate from Bank and compare with figures reported in ITR. Kindly note that 31/03/2021 is due date to file revised ITR. File response in e-campaign portal only after getting interest certificate from Bank.
I have the same case as above.
Once filing the response on ecampaign portal, do we need to file revised ITR
if yes, how to do. Because I am not seeing that option
Dear Sagar,
Please advise after submitting our responses in the CP portal (The responses are GREEN now), do we need to re-submit the ITR for FY2019-20 (i.e.,AY-2020-21), and pay off the additional TAX amt., or will it be added for us to pay in this FY2020-21???
Thanks in advance for your time.
I got a msg as ITD has identified high-value information that does not appear to be in line with the ITR for assessment yr 20-21 . However, I also visited e-campaign on compliance portal and showing nothing under e-Campaign >> High-Value Transactions. everything is blank and also i am unable to click on the tab. Even on the dashboard i am unable to click on the Red circled tabs. Please help me as i am worried about this. All my tax details are valid and i have been paying the tax regularly.
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).