Need guidance - high value transactions reported by IT department
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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:
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Created by : skaluva
got the picture now…. i calculated savings interest deposited for all quarters during 2020-2021 by those banks.. sums are matching up..
Thanks all for your valuable suggestions… we can close the thread…
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This is interest amount from different banks?
Bank reported interest amt as high value txn ?
banks report all intrest amount. You need to add those intrest in your income tax returns.
do you have term fixed deposit?
it seems it is accrued intrest on fds.
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.
@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)
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).
what is written in SMS ? Please share
the image you share is normal.
Im confused.. it says (FY 2020-21) but those transactions are under 2021-22 ..
Also read this article and also comments on article
yes wait before ignoring. check thoroughly that you have declared everything including sb interest
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.
the message say high value information not transaction. i think there is technical difference that’s why the wording
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
@guest_999 got the picture now…. i calculated savings interest deposited for all quarters during 2020-2021 by those banks.. sums are matching up..
WIl pay the tax for them now….
Thanks all for your valuable suggestions… we can close the thread…
Great, next time don’t forget to fill all the information and avoid late payment interest/penalty……
This simply means that you have not reported this savings account interest on your tax return. So they want you to amend the return by adding this income and pay the tax, interest and penalty on it. Just consult a tax advisor if you are uncertain about how to do this. Income Tax Department started this annual report from this year where they collect all information about tax payers and then analise it.
You’ve to show in ITR and pay interest on any amount greater than 10k / pa. And banks show 10 lac + Transactions FD etc to ITD.
In future, check your AIS before filing returns.
Seems like OP you are having a huge chunk of money in your these bank accounts and hence you might have received this intimation from them. Great to hear that is now resolved
abhishek012 bro if you know anything, can you pleas throw some light on this…