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Need guidance - high value transactions reported by IT department

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Deal Major
skaluva

dimers,

this is the first time i received sms from IT department asking about high value transactions. When i checked transactions reported by them, none of them i’m able to find them in respective bank statements but all the account numbers showing are mine only. I’m not sure where else i need to check about these or am i missing something:

https://cdn0.desidime.com/attachments/photos/755550/medium/F4kjMzj.png?1648621929


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Deal Major Deal Major
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abhishek012 bro if you know anything, can you pleas throw some light on this…

Mobile Guru Mobile Guru
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This is interest amount from different banks?

Deal Captain Deal Captain
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Bank reported interest amt as high value txn ?

Deal Lieutenant Deal Lieutenant
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do you have term fixed deposit? 

it seems it is accrued intrest on fds. 

Deal Lieutenant Deal Lieutenant
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sauravDD wrote:

Bank reported interest amt as high value txn ?

banks report all intrest amount. You need to add those intrest in your income tax returns. 

Critic Critic
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Of course these are high value txns, to get savings interest of Rs.15254 in a quarter(most banks credit savings acc interest quarterly) at 3% annual interest rate you must have kept at least Rs.508467*4=Rs.2033868 in that acc. Similarly in icici you must have kept Rs.411333*4=Rs.1645332 & in Yes Bank Rs.187833*4=Rs.751332 for around 3 months. This is almost Rs.44.3 Lakh balance in bank accs in 3 months, if these are not high value txns then what is.

@sauravDD

@Bk100 usually FD are shown as deposit but never got such msg so not sure.

Deal Subedar Deal Subedar
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this is not high value transaction. it is just SFT where banks report savings/fixed deposit interest of entire financial year.

Critic Critic
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Tjs15 wrote:

this is not high value transaction. it is just SFT where banks report savings/fixed deposit interest of entire financial year.

I think all banks report balance exceeding 10 lakh in any savings acc for a significant duration(say more than a few days/week).

Deal Cadet Deal Cadet
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guest_999 wrote:

Of course these are high value txns, to get savings interest of Rs.15254 in a quarter(most banks credit savings acc interest quarterly) at 3% annual interest rate you must have kept at least Rs.508467*4=Rs.2033868 in that acc. Similarly in icici you must have kept Rs.411333*4=Rs.1645332 & in Yes Bank Rs.187833*4=Rs.751332 for around 3 months. This is almost Rs.44.3 Lakh balance in bank accs in 3 months, if these are not high value txns then what is.

@sauravDD

@Bk100 usually FD are shown as deposit but never got such msg so not sure.

it isn’t quarterly, it’s saving interest of FY

If it was quarterly you would find same numbers in bank statement

Also having 44Lakhs in bank accounts is not termed as high value transaction (although it’s not 44 lakh in his bank account as the interest paid out reported to Income tax is of FY)

Deal Subedar Deal Subedar
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guest_999 wrote:

Of course these are high value txns, to get savings interest of Rs.15254 in a quarter(most banks credit savings acc interest quarterly) at 3% annual interest rate you must have kept at least Rs.508467*4=Rs.2033868 in that acc. Similarly in icici you must have kept Rs.411333*4=Rs.1645332 & in Yes Bank Rs.187833*4=Rs.751332 for around 3 months. This is almost Rs.44.3 Lakh balance in bank accs in 3 months, if these are not high value txns then what is.

@sauravDD

@Bk100 usually FD are shown as deposit but never got such msg so not sure.

Bande ka poora financial Data nikal diya @guest_999 ne.
Jokes apart, i guess these are FY savings interest based on images. Anyway, always do file savings interest in ITR @skaluva

Deal Lieutenant Deal Lieutenant
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what is written in SMS ? Please share

the image you share is normal. 

Deal Subedar Deal Subedar
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guest_999 wrote:

Of course these are high value txns, to get savings interest of Rs.15254 in a quarter(most banks credit savings acc interest quarterly) at 3% annual interest rate you must have kept at least Rs.508467*4=Rs.2033868 in that acc. Similarly in icici you must have kept Rs.411333*4=Rs.1645332 & in Yes Bank Rs.187833*4=Rs.751332 for around 3 months. This is almost Rs.44.3 Lakh balance in bank accs in 3 months, if these are not high value txns then what is.

@sauravDD

@Bk100 usually FD are shown as deposit but never got such msg so not sure.

these could be annual interest amounts.

Deal Major Deal Major
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Neo53 wrote:

it isn’t quarterly, it’s saving interest of FY

If it was quarterly you would find same numbers in bank statement

Also having 44Lakhs in bank accounts is not termed as high value transaction (although it’s not 44 lakh in his bank account as the interest paid out reported to Income tax is of FY)

yes.. those are interests reported for one year.. 😌

im not sure how he claims those are for quarter.. i would’ve been rich richer richest if i get like that.. 😃

Deal Major Deal Major
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Manitian wrote:

Bande ka poora financial Data nikal diya @guest_999 ne.
Jokes apart, i guess these are FY savings interest based on images. Anyway, always do file savings interest in ITR @skaluva

yeah.. will do that.. but im not clear about these numbers.. it says clearly date also.. but i can’t find the txns with the same date or not even in that month ..

Deal Cadet Deal Cadet
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skaluva wrote:

yes.. those are interests reported for one year.. 😌

im not sure how he claims those are for quarter.. i would’ve been rich richer richest if i get like that.. 😃

haha ignore that
you can claim 10000 as deduction on savings interest for rest you need to pay taxes

Deal Subedar Deal Subedar
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skaluva wrote:

yeah.. will do that.. but im not clear about these numbers.. it says clearly date also.. but i can’t find the txns with the same date or not even in that month ..

Calculate total Interest for FY for corresponding account. You should get same numbers ….. Bank issues savings interest Certificates every year

Deal Major Deal Major
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bohemian wrote:

what is written in SMS ? Please share

the image you share is normal. 

https://cdn0.desidime.com/attachments/photos/755552/original/c9498748-6a0f-4012-8182-07dc08470a62.jpg?1648624158



Im confused.. it says (FY 2020-21) but those transactions are under 2021-22 .. 

Deal Lieutenant Deal Lieutenant
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skaluva wrote:

https://cdn0.desidime.com/attachments/photos/755552/original/c9498748-6a0f-4012-8182-07dc08470a62.jpg?1648624158



Im confused.. it says (FY 2020-21) but those transactions are under 2021-22 .. 

so you checked compliance portal and it is showing transactions of FY21-22. it also say you may ignore he message😀

Deal Lieutenant Deal Lieutenant
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guest_999 wrote:

I think all banks report balance exceeding 10 lakh in any savings acc for a significant duration(say more than a few days/week).

nahi paji mere khyal se sft vala hi high value hota ha aur usme fd vala ata ha

Deal Major Deal Major
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bohemian wrote:

so you checked compliance portal and it is showing transactions of FY21-22. it also say you may ignore he message😀

yes yes… it said “ignore” but i was worried.. as i never got earlier like this.. 😊

Deal Lieutenant Deal Lieutenant
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skaluva wrote:

https://cdn0.desidime.com/attachments/photos/755552/original/c9498748-6a0f-4012-8182-07dc08470a62.jpg?1648624158



Im confused.. it says (FY 2020-21) but those transactions are under 2021-22 .. 

aisa message agar netao ko jaate to shayad thoda bahut kala dhan bahar a jata

Deal Lieutenant Deal Lieutenant
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yes wait before ignoring. check thoroughly that you have declared everything including sb interest

Critic Critic
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skaluva wrote:

yes.. those are interests reported for one year.. 😌

im not sure how he claims those are for quarter.. i would’ve been rich richer richest if i get like that.. 😃

I assumed the max txn amt possible, you can either keep Rs.508467 for a year or 4 times of that amt in 3 months to earn same interest & 44 lakh for 3 months seems to me more probable figure to catch attention of income tax dept compared to keeping 11 lakh for a year unless the itr you have filed showing less than 2.5 lakh income with zero tax & no justifiable reason for such amt in your bank accounts.

@Neo53 @Manitian @Tjs15 @bohemian

Kolkata Knight Riders Kolkata Knight Riders
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I’m not an expert on this, none of the txns are high value, those shouldn’t have triggered this notice, also since the Financial year hasn’t ended. Might be a mistake on their end.

Did you submit Form 15G to bank for FDs, yet you were in 20/30% tax bracket in Financial year 2020-2021?

You showed your savings interests too right? 

Also I hope your filing for last year was cleared properly.

Deal Lieutenant Deal Lieutenant
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guest_999 wrote:

I assumed the max txn amt possible, you can either keep Rs.508467 for a year or 4 times of that amt in 3 months to earn same interest & 44 lakh for 3 months seems to me more probable figure to catch attention of income tax dept compared to keeping 11 lakh for a year unless the itr you have filed showing less than 2.5 lakh income with zero tax & no justifiable reason for such amt in your bank accounts.

@Neo53 @Manitian @Tjs15 @bohemian


In my opinion , income tax has nothing to to with how much amount you have in you saving account. suppose you had 1 crore in your account in 2016 but you paid/declared income tax already in that year. since than you are holding that amount in your account so no issue .no matter how high the amount is . what system detects that whether you have declared all income from FY or not. Income tax dept. cannot check balance in you account.
Only regulated entities report income earned from that balance or FD. And if you don’t declare it, they catch hold of you

in my opinion having 20000 30000 interest on saving is peanuts for income tax unless declared

Deal Lieutenant Deal Lieutenant
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Seinfeld wrote:

I’m not an expert on this, none of the txns are high value, those shouldn’t have triggered this notice, also since the Financial year hasn’t ended. Might be a mistake on their end.

Did you submit Form 15G to bank, yet you were in 20/30% tax bracket in Financial year 2020-2021?

You showed your savings interests too right? 

Also I hope your filing for last year was cleared properly.

the message say high value information not transaction. i think there is technical difference that’s why the wording

Deal Cadet Deal Cadet
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Notice is triggered because you didn’t report the bank interest in ITR. bank interest earned above 10,000Rs per year is taxable on your tax slab. 

Deal Lieutenant Deal Lieutenant
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noobDealer wrote:

Notice is triggered because you didn’t report the bank interest in ITR. bank interest earned above 10,000Rs per year is taxable on your tax slab. 

Right. seems this is the case

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