Income Tax department notice/SMS/E-mail reasons and responding to them

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This financial year is ending on 31st march and as a mandatory requirement by tax laws of India Banks & Financial institutions will be reporting some transactions to Income Tax department.


- So, check the below article to know about:

What transaction may invite the IT deptt. scrutiny?
How to respond to IT deptt notices/sms ?

https://cleartax.in/s/income-tax-high-value-transactions-submit-response-under-e-campaign-compliance-portal

- You can see the transactions reported for your PAN card number on the IT deptt. AIS app:

https://play.google.com/store/apps/details?id=io.lntinfotech.AIStaxpayer

and e-portal: https://eportal.incometax.gov.in/iec/foservices/%23/login



- From next financial year, if you don't want IT deptt scrutiny then make sure you don't breach the limits of transaction criteria mentioned in the article.

- For the current financial year, if you receive notice/sms/email because of the above mentioned reasons then there is no need to panic, IT dept is just doing its duty to ensure tax compliance in the country. It just wants you to pay the taxes if you are liable to pay under the Income tax laws of India and if you think your earnings fall under the exempted income criteria then simply reply to the notices on e-portal yourself or with CAs help.
Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
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Deal Lieutenant Deal Lieutenant
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very much informational.

kudos to your idea of posting this .

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Deal Lieutenant Deal Lieutenant
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very much informational.

kudos to your idea of posting this .

Deal Subedar Deal Subedar
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Transactions/accounts which are reported by Banks to the IT dept(Source: Cleartax)

Screenshot2024-03-21-13-07-05-71e4424258c8b8649f6e67d283a50a2cbc  



Deal Cadet Deal Cadet
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Thanks for the useful info. I didn't know about the AIS app.

Any idea on how often AIS is updated?

I got an IPO allotment and sold in profits. Tata technologies IPO. No reporting in AIS yet.

Deal Subedar Deal Subedar
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monthly/quarterly/annually depends upon what is the timeline given by the IT department for reporting.

For eg. savings account interest rates are updated annually so it will be updated after this financial year

But tata technologies ipo should have been updated by now, it was in November.

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Deal Subedar Deal Subedar
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Update: AIS is being updated gradually based on the data submitted by banks, interest income for some bank accounts is now showing. So, do Check yours.

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