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Tax returns: Made high-value transactions or large investments? Tracking of High Value Transactions by Income Tax Department; Additional Tax of Rs. The prescribed format is called as a Form 61A or Annual Information Return (AIR). Credit card bill paid in cash for Rs 1 lakh or more. Six categories of high value transactions will come under scrutiny of the Income Tax Department. CBDT issued Notification No. Any expansion in reporting under the statement of financial transactions (SFT) will mean that such reporting of high-value transactions to the income tax department will be done by financial … Please view transactions under the e-Campaign tab on Compliance Portal (CP) and remember to pay appropriate advance tax. Income tax department has gathered data from various sources and based on the data e-Campaign e-mail is sent. Dear A*** – Income Tax Department has received information about high value transactions relating to XXXXX6953X in FY 2018-19. NEW DELHI: The Income Tax Department on Saturday said it has identified certain individuals with high value transactions in 2018-19 who have either not filed returns or have discrepancies in their ITRs. The objective of the campaign is to facilitate taxpayers to validate the information available with the tax department, pay applicable taxes and file income tax returns. No. New Delhi: The income tax department has sent SMSes to some of the assessees on March 29, 2021, who have filed their income tax return (ITR) for the financial year 2019-20. The main idea here is to increase the tax compliance and help tax payer to validate their financial transactions. An e-mail is sent to tax payers who have not filed income tax return or not reported high value transactions in their income tax returns. It is mandatory to report all high value transactions in the prescribed format by the banks and all other financial institutions. All high value transactions are tracked closely by the Income Tax department. Gone are the days when you could misreport income. The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is July 31, 2020. Taxpayers will not be required to mention their high-value transactions in their income tax returns, officials in the know of the development said. "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 … The Tax department is sending email/sms to the taxpayers that they have received information from various sources about High Value transactions made by you. Also many people often incur losses by investing in stock market and they don’t … We've been saying this for years now - Systems are getting stronger. The department has collected information related to GST, exports, imports and transactions … 1 crore during the … As the system suspects that how can a person having such low income invest such huge amount. This is in those cases where an individual hasn’t filed ITR, and the data with the tax department shows potential tax liability due to some high-value transactions. From this year, Form 26AS will also mention high-value transactions done during the year. New Delhi, Aug 17 (PTI) Taxpayers will not be required to mention their high-value transactions in their income tax returns, officials in the know of the development said. 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) “ "There is no such proposal to modify income tax return … The Income Tax Department on Saturday said it has identified certain individuals with high value transactions in 2018-19 who have either not filed returns or have discrepancies in their ITRs. NEW DELHI: The income tax department has sent SMSes to taxpayers on 29 March, related to mismatches between income tax returns (ITR) filed for FY2019-20 and high-value transaction. Received High Value information - Fret not. The Income Tax Department of India has been sending tax notice in the form of SMSes and emails to the taxpayers in order to file their Income Tax Return (ITR) for the financial year 2018-19. CA Chandan Agarwal's Office; Taxpayers should remain alert about six categories of high value transactions, especially those done in cash, as the Income Tax Department has become highly vigilant, according to tax experts. Taxpayers who filed tax returns and did a high-value transaction in FY2018-19 but the same did not reflect in their ITR, are getting queries from the tax department through SMSes or emails. New Delhi: Taxpayers have been receiving SMSes and emails from the income tax department to file their income tax return (ITR) for the financial year 2018-19. The Income Tax Department on Saturday said it has identified certain individuals with high value transactions in 2018-19 who have either not filed returns or have discrepancies in their ITRs. According to a latest development, officials in the know of the development have said that taxpayers will not be required to mention their high-value transactions in their income tax returns. Please file your ITR by 30.9.2020. 1.Cash payment for purchasing bank drafts, purchase of pay order, and banker cheques for rupees of ten lakhs or more during the financial year. This amount was used by family back in India during the FY 2018-19 to manage their expenses. Receive SMS from Income Tax to Revise Returns and Check Compliance Portal Many Taxpayers have received following SMS from Income Tax Department since yesterday 28 March 2021, Attention NISHIL CHAUHAN XXXX (XXXXX19XX12X),The Income Tax Department has identified high value information which does not appear to be in line with the Income Tax Return filed for … Taxpayers will not have to mention their high-value transactions in their income tax return (ITR) and the government is not considering any modification in the form, according to sources. "There is … Property transactions: Property registrar will have to report to tax authorities "purchase or sale by … [post_ads_2] Please note that Income tax department is has not only your Income profile but have your Expenditure profile also.IT department is collecting your expenses details ,specially High value transaction through Annual Information Report from various agencies.Here are some of the ways through which the tax department is monitoring your high-value transactions: “There is … Please advise what should I do with respect to the messages received from Income Tax Department. Because of such high value transactions Income tax department has started raising compliance notice for individuals who are either not filing return of income or are filing return of income with very less income. When credit card bill is issued to any person and … You may receive these notices in cases where you haven't filed ITR, and the data with the tax department shows potential tax liability due to some high-value transactions. In order to ensure that persons who enter into certain high-value transactions do furnish their return of income, section 139 of the Income Tax Act, 1961 is amended so as to provide that a person shall be mandatorily required to file his return of income, if during the previous year, such a person undertakes certain high-value transactions. They said collecting reports of high-value transactions was the most non-intrusive way to identify those who spend big money on various items and yet they do not file income tax returns by claiming that their income was less than Rs 2.5 lakh per annum. The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is July 31, 2020. It's an important update for those Income Tax payers concerned about disclosing high-value transaction in their Income Tax Returns (ITR). The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is July 31, 2020. The Income Tax Department on July 18 said it has identified certain individuals with high value transactions in 2018-19 who have either not filed returns or have discrepancies in their ITRs. Many Income Tax payers having high value transaction have started to receive communication from Income Tax Department via SMS and email like “Attention (PAN AAATXXXX0M), Income Tax Department has received information about … New Delhi, August 17 Taxpayers will not be required to mention their high-value transactions in their income tax returns, officials in the know of the development said. Attention _____ (PAN XXXXX1234X), Income Tax Department has received information about certain high-value financial transactions relating to FY 2020-21. Tax department has been sending a lot of text messages and reminders ahead of the last date for paying advance tax on 15 March 2021 The tax department last week sent thousands of … e Campaign for High Value Transactions by Income Tax Department in Compliance Portal - YouTube. High Value Transactions Income Tax SMS | E-Campaign for High Value Transactions Compliance Live - YouTube. This is a statement from the tax department which mentions the tax deducted on behalf of a taxpayer. The amount of high value transactions, which IT Department mentioned is about 1400000 and its valid. You can view transaction details and submit online response under e-Campaign tab on Compliance Portal – ITD In addition to the non-filers, another set of return filers have also been identified wherein the high value transactions do not appear to be in line with their Income Tax Return," the CBDT said. It also asked taxpayers to avail the opportunity to participate in the e-campaign for their own ease and benefit. Be the first one to review. This compliance facility is … However, as per records available, ITR for AY 2019-20 has not been filed. The new Form 26AS captures it all While filing your income tax returns, make sure to check Form 26AS. NEW DELHI: Taxpayers will not be required to mention their high-value transactions in their income tax returns, officials in the know of the development said. Many Taxpayers have received following SMS from Income Tax Department since … The SMS was related to mismatches between ITR filed for FY2019-20 and high-value transactions. You may get several notices if you have not filed your ITR, and the information with the tax department shows potential tax liability because of some high-esteem transactions. An e-mail is sent to tax payers who have not filed income tax return or not reported high value transactions in their income tax returns. Income tax department has gathered data from various sources and based on the data e-Campaign e-mail is sent. Also, those who filed return and did a high-value transaction in FY2018-19 but the same did not reflect in their ITR, are also getting queries from the tax department through SMSes or emails. “Some of our clients and other people who have got such communications from the tax department over the past 15-20 days have approached us. The Income Tax Department has tons of information now. Soon, Tax Dept to send SMS on 18 types of high-value transactions Shishir Sinha New Delhi | Updated on July 12, 2019 Rule 114B of Income Tax Rules prescribes 18 … A lot of people have been receiving an SMS from the Income Tax Department . 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. NEW DELHI: Taxpayers will not be required to mention their high-value transactions in their income tax returns, officials in the know of the development said. Let’s discuss a few such high-value transactions that Income Tax can easily track. In view of tracking high value transactions, section 194N of the Income Tax Act (as substituted by the Finance Act, 2020), effective from 1 st July, 2020 provides that – Every bank / cooperative bank / post office shall deduct TDS of 2% of the amount withdrawn by the customer, if the amount or the aggregate of amounts as the case may be, in cash exceeds Rs. This includes all cash deposits aggregating to … Income tax department has been sending SMSes and emails to taxpayers to file their income tax return (ITR) for financial year 2018-19. It also mentions income for which an individual might have sought tax exemption during the year. What is the Form 26AS? In the SMSes, the I-T department has asked those assessees to either file a revised ITR by March 31 or … These items include business class air travel, foreign travel, spending big money in expensive hotels, or sending children to expensive … Six high value transactions, which could lead to Income Tax notice. 'There is no such proposal to modify income tax return forms,' an official said, responding to reports of the proposed expansion of reportable financial transactions to include hotel payments over Rs 20,000, life … Any mismatch found in Income reported in ITR vs investment/expenditure may lead to Income tax … How to reply to them and convey my message to them. The transactions where quoting of PAN is mandatory is specified in rule 114B of the Income tax rules and are as follows: Sale or purchase of a motor vehicle (other than two wheeler) Opening an account (other than a time deposit referred to at Sl. 12 and a Basic Savings Bank Deposit Account) with a bank/co-operative bank The one-time relaxation to the taxpayers for verification of tax-returns is for returns which are pending due to non-filing of ITRV form and processing of such returns.

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