The Income Tax Department sends emails/SMS to identified taxpayers to confirm high value transactions. You can still receive SMS/emails after processing the ITR and you have already received the notification u/s.143(1) Please do not ignore messages/emails such as high value transaction messages from the Income Tax Department. What is a Large Transaction Notice from the Income Tax Department? How to respond in the Compliance Portal.
Note (XXXXX1111X), the Income Tax Department has identified material information that appears to be inconsistent with income tax returns filed for assessment year 2022-23 (relating to fiscal year 2021-22).on the Compliance Portal (CP)[e-キャンペーン]Submit your response online from the tab. Access CP by logging into the Electronic Reporting Portal (My Account) – ITD
Check out our course on Income Tax here.
See our income tax workbook here.
![Income tax emails for high value transactions](https://www.bemoneyaware.com/blog/wp-content/uploads/2023/01/income-tax-compliance-high-value-transaction-message.jpg?x74955)
Income tax emails for high value transactions
How will I learn about pending e-certifications?
An email and SMS will be sent to the taxpayer notifying them that the information on this matter has been received and they can submit their response on the compliance portal. To receive electronic communications, please verify and update your email address and mobile phone number on the electronic filing portal (https://incometaxindiaefiling.gov.in).Most people receive the following types of emails
You can still receive SMS/emails after ITR processing & notifications have already been received u/s.143(1)
- Non-submission of tax return: A taxpayer whose gross income exceeds the prescribed limit or meets the other conditions set forth in section 139 of the Income Tax Act 1961 has not filed an income tax return for the purposes of a particular assessment. A taxpayer income transaction return must be filed. Those who are 20 years old and have a potential tax liability or have an obligation to file income returns are shown for feedback.
- big deal: Certain taxpayer transactions reported in the ITR that are found to be inconsistent with information received from third parties in a particular assessment year will be displayed to the taxpayer for feedback.
What happens if I don’t respond to a compliance alert?
Failure to comply or failure to comply with Income Tax notices may result in the face of Income Tax notices regarding assessments/penalties/prosecutions, etc.
What should I do if I am contacted?
If you receive such a communication, you will be required to log in. Compliance portal Please review the details of the issue encountered and submit an appropriate response. Answers must be submitted online, so there is no need to go to an income tax office.
The Compliance Portal is a dedicated portal that enables electronic verification (that is, obtaining responses to specific compliance-related issues in a structured manner) for effective compliance monitoring and assessment. The Compliance Portal also enables seamless, secure, two-way structured communication to increase departmental transparency and functional efficiency.
- If you have not submitted an ITR, you may need to submit one.
- If you submitted your ITR without certain income, you may need to submit a revised ITR. The last date for submission (belated) and revision of his ITR for 2022-23 is March 31, 2023. Yes, you can revise the ITR even after the ITR has been processed. u/s.139(5)!
- (i) the information is correct;
- (ii) the information is completely incorrect;
- (iii) information about other persons and years;
- (iv) if the information overlaps or includes other displayed information; and
- (v) information denied; If you provided feedback on the AIS and did not report the same on the ITR, please file a revised ITR. You have to choose from the following options:
Yes, you can revise the ITR even after the ITR has been processed. u/s.139(5)!
What happens after I submit my online response?
Responses submitted by taxpayers online are verified by the Income Tax Department. If the response is found satisfactory, the case will be closed. Otherwise, further questions may be raised or appropriate proceedings initiated.
How can taxpayers see responses submitted for each piece of information?
Step 1: Visit the Compliance Portal at https://compliance.insight.gov.in or log into the electronic filing portal using the URL https://incometaxindiaefiling.gov.in and click on the “Compliance Portal” link To do. My Account or Compliance tab.
How do I respond to e-campaign notifications for high value transactions online?
IT departments monitor high-value cash transactions, such as bank deposits, mutual fund investments, real estate-related transactions, and stock transactions. As part of an electronic campaign to encourage voluntary compliance and avoid issuing notices and taxpayer scrutiny, the tax office has established a Permanent Account Number (PAN).
The e-campaign allows taxpayers to access details of high-value transaction-related information on designated portals.
If you receive an email or SMS about a large transaction or a failed return, you can follow the steps below to contact the Income Tax Department.
Step 1: Log in to your Income Tax Electronic Filing account.
Step 2: On the home page,[保留中のアクション]>[コンプライアンス ポータル]>[e-キャンペーン (2021 ~ 22 年度以降)]Go to.
![How to Respond to Income Tax Notices in the Compliance Portal](https://www.bemoneyaware.com/blog/wp-content/uploads/2023/01/income-tax-compliance.jpg?x74955)
How to Respond to Income Tax Notices in the Compliance Portal
Step 3: Select the relevant eCampaign.
After redirecting from the filing portal, the campaign view landing page is displayed. Select the relevant eCampaign and click[AIS でフィードバックを提供]Click.
If there are no active e-campaigns or e-verifications, the message “No compliance record generated” is displayed.
![Income tax compliance pending](https://www.bemoneyaware.com/blog/wp-content/uploads/2023/01/income-tax-compliance-pending.jpg?x74955)
Income tax compliance pending
Step 4: Select Information Categories
[SFT 情報]Expand the relevant section on the tab.
An “e” is marked for the information category of the communication you received.
![Provide information about lines marked e in the compliance portal](https://www.bemoneyaware.com/blog/wp-content/uploads/2023/01/income-tax-compliance-high-value-transaction-e.jpg?x74955)
Provide information about lines marked e in the compliance portal
Step 5: Select Transactions
Information that requires feedback is marked as Expected.
Step 6: Submit your response
You should provide feedback on the information marked as ‘expected’ as shown in the screenshot below.
Below are the categories we expect responses from taxpayers in our e-campaign.
You can also submit your response online by choosing one of the following options:
- (i) the information is correct;
- (ii) the information is completely incorrect;
- (iii) information about other persons and years;
- (iv) if the information overlaps or includes other displayed information; and
- (v) information is denied;
![Submit your response to your income tax notice online](https://www.bemoneyaware.com/blog/wp-content/uploads/2023/01/provide-feedback-income-tax-compliance-notice.jpg?x74955)
Submit your response to your income tax notice online
List of high-value transactions
Below is a list of transactions for which a taxpayer may be notified by the Income Tax Department.
senior number | transaction | threshold (rupee) | relevant authorities |
1 | Cash deposits into fixed deposit accounts | 10,00,000 | If the deposit amount exceeds the threshold, the bank must disclose the transaction to the Commissioner of Income Tax by filing Form 61A, known as the Statement of Financial Statements (SFT). |
2 | Depositing or withdrawing cash from a savings account | 10,00,000 | If the deposit amount exceeds the threshold, the bank must disclose the transaction to the Commissioner of Income Tax by filing Form 61A, also known as a financial statement. |
3 | Depositing or withdrawing cash from a checking account | 50,00,000 | If the deposit amount exceeds the threshold, the bank must disclose the transaction to the Commissioner of Income Tax by filing Form 61A, also known as a financial statement. |
Four | buying and selling real estate | 30,00,000 | Property registrars/sub-registrars must report transactions above the threshold via Form 61A. |
Five | Cash investments in stocks, mutual funds, bonds and bonds
*Notification is not required for transactions involving transfers of amounts between systems. |
10,00,000 | Mutual fund trustees, stock exchanges, must report transactions above the threshold using Form 61A. |
6 | Pay your credit card bill in cash | 1,00,000 | Banks must report transactions above the threshold using Form 61A. |
7 | Credit card payments by non-cash methods such as NEFT, checks. | 10,00,000 | Banks must report transactions above the threshold using Form 61A. |
8 | sale of foreign currency | 10,00,000 | Banks must report transactions above the threshold using Form 61A. |
9 | Cash payment to purchase bank draft or prepaid RBI products | 10,00,000 | Banks must report transactions above the threshold using Form 61A. |
How to Respond to Income Tax Notices Not Filed in the ITR
preliminary response
In the “Preliminary Answers” section, taxpayers are expected to answer relevant questions. Queries in the Preliminary Response section are based on campaign type (non-filing of returns/specific high-value transactions by taxpayers).
For example, for the campaign type “No Income Tax Return Filed”, taxpayers are required to submit a response regardless of whether they have filed an income tax return.
step 1:[予備回答]in the section[回答の提供]Click the button.
Step 2: On the next page, select the relevant dropdown to respond.
- An ITR has been submitted. If you choose this option, provide ITR details such as grant number, filing date, and filing method.
– Grant Number: The grant number is located on your income tax return for a particular year of assessment.
– Date: Select the date of filing the income tax return
– Mode: Select the mode of filing your income tax return (i.e. Electronic Return | Paper Return)
– Circle/Ward and City: Enter the taxpayer’s Circle/Ward and City.
– Remarks: Enter remarks for income tax return (optional) - No ITR filed: If you choose this option, you must:
– Select Reason: Select the reason for not submitting the ITR.
– Add Remarks: Provide remarks for not filing an ITR. - Step 4: Once you have entered all relevant information, submit your response. You can download the provisional answers you have submitted from the “Activity History” screen.
Related article:
Check out our course on Income Tax here.
See our income tax workbook here.
Do not ignore messages/emails such as high value transaction messages from the Income Tax Department. If you provided feedback on the AIS and did not report the same on the ITR, please kindly file a revised ITR. Taxpayers must use the opportunity to participate in electronic campaigns for their own convenience and benefit.