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
Now CBDT has extended the last date of filing the revised return or belated returns till 31-May-2021.
I am in the process of filing revised return due to high value transaction (SB interest).
I have added the interest amount in “other sources of income..
I have to pay tax which shows in Payable Tax column.
My ITR was already processed and I received the refund. Where to enter the refund amount while filling the revised ITR, or
Should I pay the tax payable + refund amount ? Please advise.
Thanks in advance
I’ve paid additional tax using self assessment tax option after receiving intimation of high value transaction compliance due to saving account bank interest. Now that the govt has extended due date for filing revised return, please let me know how to do it.
In the income tax filing portal, under efile tab, for income tax return, on choosing AY as 20-21 and ITR1, I get option to choose filing type as “u/s 119 2 b – after condonation of delay” ONLY. The option “Original/Revised return” is not available. Please suggest how to proceed.
Kindly wait for a few days. Online ITR filing/revising not enabled yet due to lockdown in many states.
i have the same problem. not able to file revised return for ITR1 for AY20-21
Did you find any solution ? if yes, write back to me. thanks
Hi,
Thanks for the responses shared above.
For a similar situation, I have already received a refund, revising the ITR just reduces the refund amount. How do I end up paying additional tax on the interest income and also revise the ITR.
Just to explain the case, I’ve already received a refund of 30k. Now, I need to pay tax on interest income of 70k, which comes to around 21k tax. Problem is that the moment I pay the 21k tax as self assessment and link the chalian, then the revised ITR shows a new refund amount of 30-21=9k
Replied over email
For a similar situation, I have already received a refund, revising the ITR just reduces the refund amount. How do I end up paying additional tax on the interest income and also revise the ITR.
Just to explain the case, I’ve already received a refund of 30k. Now, I need to pay tax on interest income of 50k, which comes to around 15k tax. Problem is that the moment I pay the 15k tax as self assessment and link the chalian, then the revised ITR shows a new refund amount of 30-15=15k
Refund amount as per original ITR:- 30K
Tax on additional Income – 15K
Tax paid as self assessment- 15K
so new Revised ITR will also show refund of 30K, but you won’t receive as it has been already received.
I have a similar issue. Please suggest what shall I do.
Earlier I received a refund amount of 30k. Now after entering saving bank interest, refund amount is 20K. How to enter the amount which was already refunded so that I pay back only the differential.
Refund amount as per original ITR:- 30KTax on additional Income – 10K
Tax paid as self assessment- 10Kso new Revised ITR will also show refund of 30K, but you won’t receive as it has been already received.
@Prince – I have faced the same problem. If you have resolved the issue at your end, could you please share the resolution.?
Hello Sagar Sir,
Thanks a ton for detailed article & answers to numerous queries by different individuals, it’s very helpful.
I had also received e-campaign notice. I had responded same in Compliance portal, but couldn’t file revised return as last date was 31st March.
Couple of questions:
1. Should I wait for IT department to send me challan for balance tax in response of compliance acceptance?
2. Do I need to pay interest under 234/B & 234/C – how do I calculate right amount for interest?
Regards,
ND
Due date for filing Revised ITR has been extended now. You can do so. Interest calculator link https://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx
I have received E-Campaign mail on 2nd April and last date for filing return is 31-March. Please suggest how can i submit revise return
Now CBDT has extended the last date of filing the revised return or belated returns till 31-May-2021. So based on the information in e-campaign you can file a return if already not filed or can file a revised return if you have not correctly reported or not reported certain transactions as reported in the e-campaign.
Last date for submisssion? Earlier it was showing high value trasanctions but now not showing? Now what to do?
Hi Sir,
I have SBI saving account, And SBI has created multiple e-STDR accounts. I have received interest from each e-STDR account and bank has already deducted TAX on interest. We have uploaded same (26AS) while filing ITR.
Now I have received same interest as high value transaction. What should we respond here?
I do not see any option, information correct and ITR filed,
Hello Sir
As we are now giving response for HIgh Value Transaction on compliance portal and will pay the wrong Refund received with interest and Tax Liabliity as SAT. is there any section while filing response where we can mention the challan details
I have paid extra money for 143(1) demand. Will i get back the extra money paid ?
Also after paying the Demand and accepting the information is correct , where should i update the payment Info like BSR code, Challan number ?
sir, I have received such notice from ITD for E Compliance .The balance tax for such amount received interest from Salary account was paid through challan on 07.04.21. after that I try to e filing for revised ITR. but I was denied for submission due to late filing. What can i do for Revise E filing ?
Now CBDT has extended the last date of filing the revised return or belated returns till 31-May-2021. So now you can file a revised return.
Received High value transition, but couldn’t file revised ITR before 31-march. How can I file revised ITR now?
Filing of Revised ITR not possible now. Pay tax payable if any.
Since revised ITR date was 31st march. how to pay tax after this date
https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
Should this tax on quoted High Value transactions to be paid against Challan 281
I received high value transaction e compliance mail after the 31st March deadline.
After paying self assessment tax, do I have to declare or file this somewhere? Or is it enough to just save the challan/receipt and keep it.
Now CBDT has extended the last date of filing the revised return or belated returns till 31-May-2021. So you can file the revised return.
I received notice regarding high value transaction interest on savings account and interest on FD. I have not disclosed such income in my return. Now while paying self assessment tax can I claim deduction of 10,000 u/s section 80TTA and do I need to pay interest also on self assessed tax payable.
Interest to be paid on self assessment
can I claim deduction of 10000 on savings bank interest under section 80TTA while calculating tax payable
Preferably No
for what period interest need to be calculated
I received notice regarding high value transaction interest on savings account and interest on FD. I have not disclosed such income in my return. Now while paying self assessment tax can I claim deduction of 10,000 u/s section 80TTA and do I need to pay interest also on self assessed tax payable.
Interest to be paid on self assessment
HELLO SIR.
I Revised my ITR for 2020-21 for high value transaction ON 30th march.
and now the activity/status showing as TAX CREDIT MATCHING PROCESS
what is it?? please advise
Reconciliation with form 26AS and high value transactions
Hi Sir,
If we have an interest income from banks which is more than 60k in a year, do we need to pay tax only for 20k as upto 40k interest is exempted?
Please advise. Is this applicable even for people falling in 20 or 30% slabs?
Interest is exempt upto 50,000 for senior citizen above 60 years.
For all others, its taxable. Only relaxed from deduction of TDS, however tax to be paid in ITR
I received e-campaign high value transaction showing interest on FDR and Savings bank not shown. Out of 6 entries shown 4 were already shown in ITR and were already processed.
Which option to exercise in compliance portal against interest on FDR which is already included in Computation ? When to pay tax on entries omitted? Since the last date for revised return is completed what is the recourse? please advise
1. Select option as correct (even if information already shown in ITR)
2. Pay tax as self assessment tax online to avoid any penal consequences
I have submitted the response for High Value Transaction. Amount in High Transaction Value is more than 50000 . If I choose to pay the balance tax amount, which challan should i user for the payment online ( it is challan no : 280 or challan no : 282)
Same case for me. Challan 280 or 282? Please advice.
Now CBDT has extended the last date of filing the revised return or belated returns till 31-May-2021. So you can file the revised return.
Dear Sir,
I received msg for High Value Transaction for FD interest, I have filed the revised ITR before 31 March 2021.
Still I need to submit the response on the compliance portal?
If required which option need to select I have already submitted my all tax.
Yes, response need to be submitted based on correctness of information I.e. given details are correct or not
I did not show saving bank interest in my itr so i got high value transaction notice and i paid the tax and filed the revised return before 31st march 2021. My last 2 years ITR is processed successfully but I have some tax liabilities in my previous 2 years (around 1 – 2 L income for which tax was not paid). Is there any chance ITR will open my previous years ITR which are already processed because of the high value transaction notice. I want to pay taxes for my last 2 years so that my mind can be free but i am not getting any options to edit processed return, please answer and guide what should i do ?
Kindly pay the tax as self assessment tax for the relevant Assessment Year to avoid any penal consequences
Kindly pay the tax as self assessment tax for the relevant Assessment Year.
For AY 19-20, How can I calculate amount ? suppose I am have extra amount of 207000 for which I did not pay tax and lets say i was supposed to pay 30% tax that would become 62100 so how much I have to pay ? any Interest (how would i calculate interest ?) any penalty ? How would I file ITR there is no option to file revise ITR for AY 19-20
https://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx
ITR revision not possible, tax + interest calculator shared in above link
Mr Gambhir, could you please tell me if the deadline is missed to file revised return, what should I do? What is the next step for me, how do I proceed and close the case? Thanks.
Hello Sir,
I paid Double the tax as I added both (1) and (2) interest as mentioned below.
1) Total interest payable by a banking company (SPP) Account No: xxxx, Account Type: Time Deposit 2,824
2) Interest other than “Interest on Securities” received (TDS Form 26Q, Section 194A)
There was multiple entries of message type 1) but only single entry for message type 2).
Number 2) was same as my 26As entry and I had already paid tax in original ITR filing.
MISTAKE=> For 1) I thought these are additional interest which might not be reflecting in 26AS and Hence I have not paid taxes.
And I paid additional tax in revised ITR filing.
When I visited bank today, I was told that 1) is breakup and 2) Total interest.
I made a mistake by PAYING DOUBLE tax on FDs. Kindly let me know how can I get back my tax that I paid by mistake.
File rectified ITR u/s. 154. Refer my article published on taxguru.in regarding Rectification of ITR.
महोदय, मुझको 2018-19 वित्तीय वर्ष हेतु, बचत खातों पर ब्याज हेतु एक मैसेज आया था जो ए एस पर अंकित नहीं था, उसी के अनुसार आयकर रिटर्न भरा, अंतिम तिथि 31-3-21 के बाद कल दिनांक 02-04-21 को ओनलाइन टेक्स 26110 भी जमा कर दिया
पर फार्म अपडेट या रिवाईज्ड नहीं हो रहा है बताइये मै इसमें क्या करू, 26 ए एस मे पहले से अंकित धनराशि पर मै सदैव आयकर देती आई हूं, हम सदैव आपके और सरकार के साथ है,
Challan can be shown if any notice is received
Hello Sir
I had received SMS from IT dept for high value transactions and since i had some clarifications pending with bank, i could respond on complaince portal only today.
However, i am unable to file the revised ITR
please advise
Pay tax as self assessment tax online to avoid any penal consequences
Now CBDT has extended the last date of filing the revised return or belated returns till 31-May-2021. So you can file the revised return.
when was last date to respond high value transactions IN COMPLIANCE PORTAL for FY 20-21, AY 21-22
Response can be submitted even now, but ITR Can’t be revised now. Pay tax as self assessment tax online to avoid any penal consequences
I have received a email on 02.04.2021 for compliance of few interest on SB and FDs earned. But, as the last date was 31.03.2021, can I submit my revised return now.
ITR Can’t be revised now. Pay tax as self assessment tax online to avoid any penal consequences
I ALREADY FILED INCOME TAX AND TAX HAS BEEN PAID. BUT AFTER E COMPAIGN HOW CAN PAY SELF ASSESSMENT TAX (HOW TO DECIDE HOW MUCH TO PAY)
I am not sure what option I should select to respond. In case if the information showed in e-campaign portal is correct but I have already showed that income in IT returns what option should I select? Should I say information is correct or should I deny it since I have already filed for this interest income. Kindly someone clarify
Select option as correct (even if information already shown in ITR)
I filed revised ITR to align with e-compliance report on 30th March’21. It got processed in no time, however department has charged 10000 fee under section 234F. I am wondering if this section is applicable for ITR revision? original ITR was filed well within time in month of September last year.
Check you might have selected wrong section in ITR
Hello Sir,
I received an email from as ITD has identified high-value information that does not appear to be in line with the ITR for assessment yr 20-21 on April 1st, 2021. So, the deadline of March 31, 2021 is already crossed by the time i got the communication. The transactions are related to SB deposits which were not reflected in Form 26 AS. How can i submit response and file Revised ITR now? I dont see option to file Revised ITR now in Income Tax Portal. Could you Please advice.
Response can be submitted even now, but ITR Can’t be revised now. Pay tax as self assessment tax online to avoid any penal consequences
Income Tax sent this Message 2days or last day of month. How they cleared refund without scrutiny. At Least one month should be given for compliance.
Information regarding High Value Transaction might be reported to Department after Processing of ITR
Pls can anyone let me know the procudure to file revised ITR . as u/s 119(2)(b) or u/s 92CD. also as today being 1/4/21 .can we file revised iTR for assement year 2020-21
Hi, I have same question. should we use u/s 119(2)(b) or u/s 92CD. can we file revised iTR for assement year 2020-21 as today if April 02, 2021. Please help.
Refer my article https://taxguru.in/income-tax/old-income-tax-refund.html
Thanks for the article.
Can i file reply (not reviseditr)on e compaign for the FY 2019-20 on 1st /2ndApril,2021 ,penalty will be charged?,site was not opening?
Response can be submitted even now, but ITR Can’t be revised now. No penalty
Sir, I got the message for high value transaction from saving/time deposit accounts. gone through this link and understood that I need to file revised ITR. but the incometax efilling portal is not working working. It appears so many users are in hurry to file the revised ones.
I have already replied in compliance portal stating the saving backs interests as valid (option A).
My queries are.
1. If I am not able to fil revised ITR today, what will be impact. fine/penalty etc
2. The interest from fixed deposit is not yet received, meaning it will be deposited after the fixed deposit tenure is completed. will the back deduct TDS again before depositing the principal+interest
3. Can I include some deductions (e.g donations)which were not accounted earlier while filling the original ITR.
Many thanks for your help and expert advice.
Hi, I had recevied an sms for High Transaction, and today i have refiled my ITR, as per correct other income , now what response should I select in ecampaign Information is correct ?
I have revised my itr as per details, i have shown my fdr interest under business head but now i have revised it under other source, so now i have to select which option for reply on ecampaign data is correct or denied or duplicate, please guide
Hi,
I have received e-campaign notice just today. checked the information is partially correct and most of them are incorrect based on the future financial interest. Drop down is only having 2 option accept/ denied no option for partially correct and all. Please help how to proceed. Also there is no TDS certificate generated by Bank so its not showing on Trace portal. How we need to revise without TDS generated by bank (TDS2 ) section how can we fill manually when the information is not available to fill. Its a day away what will happen if we just failed to fill revised return coz the data is insufficient. Is there is any mail id where we can explain things and write down the details? Please your early response will be helpful.
Thanks in advance.
I have saving account in 3/4 banks.The indivitual saving interest of each bank is less than 10K ( limit of 80TTA). This saving intrest is reflecting in e-camapign, Should I have to file revised ITR ? When is the last date ?Many bank calculates quarterly interest on saving account in moth of May ,Aug ,Nov & Feb of each year and credited to saving account . Hence it is difficult to check saving intrest reported by IT department unless I get bank certificate. but it is diffcult to get saving certificate in one day ,if revised ITR tobe submitted by 31-03-2021
Hello Sir,
I have X amount entry in “Interest other than “Interest on Securities” received (TDS Form 26Q, Section 194A)” for which I have already filled tax.
Do I need to select “E. Information is denied” or “A. Information is correct” option for it?
If I select option A as info is correct then do I need to pay tax for it again?
Please guide.
I have two entries in high value transaction:
Income from derivatives transactions : this is basically all sell transaction done by me.
Purchase of derivatives transaction: this is all buy transaction done by me
This is correctly shown. My issue is that I have shown the exact profit in ITR from these transactions after deducting brokerage, stt. Transactions as such are not shown in ITR but profit computed is shown as per p&l statement.
Then why are they sending sms for inconsistent return? and what to do?
I have accepted and submitted response. Mostly it was about-
1. Interest on savings bank account
2. Interest on Time Deposit/FD
What is the next step, it’s just showing submitted under high value transaction in compliance portal
Which option to select if I have shown the information in the return
I have received a email for e-Campaign – High Value Transactions for AY 2020-21 –
• Total interest payable by a banking company (SPP)-80514
• Interest other than ‘Interest on Securities’ received (TDS Form 26Q, Section 194A)-52044
Based on this, what is the additional amount of tax that I need to file in the revised ITR ?
Can you help in how do I calculate the tax amount that I need to pay as self assessment tax now ?
I am not able to access the Compliance Portal, and the data in the portal is blank under eCampaign, when I log in from my efiling account.
i received notice notice for bank intrest income 86000
and 26 q under 194A 66000
the amount rs 66000 is also included reflected in 86000 as 66000+4000+16000=86000
please let me know how much tax i have to pay in revised return
Hi,
Have received a notification regarding high value transaction for interest on SB account. In response, I submitted my response in the Compliance portal. Thereafter, I tried filing a revised ITR, but the online payment for additional tax due is repeatedly failing. I have tried multiple times with different banks but none of them are succeeding. Now because of this I am unable to submit my revised ITR. The last date is just a day away, and the payment is not going through. What can be done?
Dear Sir,
I have received msg for High Value Transaction, I want to file for revised ITR and also submit the response on the compliance portal, but the compliance portal is not working.. Kindly suggest whether i can file the revised ITR first without submitting the compliance response since the compliance website is not working
Yes, you can file revised return and submit response later on
Sir, my ITR is processed and I received the refund amount on Dec 20, but now I got the message for High-value transactions, so while filing the revised ITR where I have to give the details of the amount which I received as a refund from IT?
Thanks
I also filed ITR in Dec, got refund of the amount.
But now got SMS for high value transaction. I have revised my ITR, but teher was no option of refund already paid .. how to correct it ?
secondly: Do i need to respond to them
Thirdly: Am I liable of 10,000 INR penalty?
Same doubt. Someone, please help here!
sir,
i have received an email and sms regarding high value transactions from compliance website. i have revised and submitted ITR but presently the compliance website seems to have crashed and i havent been able to submit my response on compliance website as yet.
is there a last date for submitting response on compliance website as well? or i may do it later?
Yes you can submit response later on as you have already revised the return
I have same message. My ITR is processed and I got return back. Now I am adding the extra amount shown in compliance and its asking me for pay tax. My concern is now ITR not showing any thing related to return. Do I need to add that amount also
Yes, you need to pay refund amount as well
This is incorrect. From what I understand OP can pay outstanding tax and file revised return. When IT processes the return, they will raise a demand for excess refund return which can be returned separately later. In my case my refund amount has reduced by 10K after revising, so I will wait for ITR processing to complete and IT dept to ask me to return excess refund (with interest)
The compliance website is not opening properly, it seems to be down. Any similar issue faced by other users?
I received message regarding high value transactions yesterday.. these are basically interest earned from Bank deposit.. I have responded that the transactions are correct
from previous comments I found that we need to revise ITR but while revising ITR what should be selected ?
filed u/s or
filed in response to notice u/s ?
also which section to be selected ?
Please reply as this info is useful for everyone reading this article
Thanks in advance
Hello Sir,
I was able to see high value transactions regarding my FDs interests but I had already paid tax on that interest while filing ITR as income from other sources. What reponse I have to provide for those transactions in the compliance portal now?
Also, from the morning I am not able to see the high value transactions in the portal. Is is showing blank now. Do let me know the next course of action.
I have same query. if I choose first response option “information is correct” will it not be considered as un-reported income?
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?
SIR
My Date of birth is May 1960. for FY 2019-20 AY 2020*21, Am I a senior citizen category for claiming SB Account interest under 80TTB 50000, REQUEST YOUR HELP as revised ITR to file on 31st
regards
My Client has received e-compliance letter for high value transaction. the same has already reported in the ITR…..