It has come to light that the tax department is sending messages regarding high value transactions. Let us know what is the meaning of this message received from the department through SMS.
The year 2023 is about to end and the last date for filing revised income tax return for this year is also near. Meanwhile, taxpayers are receiving messages regarding tax from the tax department. In this, the Income Tax Department is especially keeping an eye on the taxpayers doing high value transactions in this financial year. In such a situation, if you have also received such a message, then let us know what it means?
Why is the department sending tax notices?
It has come to light that the tax department is sending messages regarding high value transactions. Income tax notice is being sent by the department through SMS. Notices are being sent on high value transactions during 2022-2023. People are being asked to fill the revised ITR by 31st December. But is this really a notice from the Income Tax Department?
Sent advice, not notice: Income Tax Department
The Income Tax Department clarified on social media platform X that such advisories are sent to the taxpayers for their convenience. This message sent to taxpayers is not a notice but an advice. This is sent in cases where there is a discrepancy between the ITR disclosure and the information received from the reporting unit.
The IT Department said that the purpose of this communication is to provide an opportunity to the taxpayers to fill their feedback online on the Compliance Portal of the Income Tax Department and modify their return if necessary and if the return has not been filed. Can file it.
Some references have come to the notice of the Income Tax Department regarding recent communication sent to taxpayers pertaining to transaction(s) made by them.
Taxpayers may pl note that such communication is to facilitate the taxpayers & make them aware of the information…
— Income Tax India (@IncomeTaxIndia) December 26, 2023
What to do if you get a message from ITD?
If you have also received this message, then first of all get your AIS i.e. Annual Information Statement. Match the AIS with your returns. If there is any discrepancy, fill the revised return. Also go to the Compliance Portal and respond.
Where to find Compliance Portal?
Login to e-filing portal www.incometax.gov.in/. Go to ‘Pending Actions’ and click on ‘Compliance’. Then you will reach the ‘e-Campaign Tab’. You will see high value transaction, enter your answer.
What is high value transaction?
Transactions above a transaction limit are called high value transactions, like-
- Order from cash on bank draft Rs 10 lakh
- Cash deposit in savings account Rs 10 lakh
- Current Account – Cash Deposit/Withdrawal Rs 50 lakh
- Purchase and sale of property Rs 30 lakh
- Share, MF, bond investment in cash Rs 10 lakh
- Credit card bill payment in cash Rs 1 lakh
- Credit card bill payment Rs 10 lakh
- FD deposit through cash Rs 10 lakh
