Hot Deal Need help upon ITR notice

1022°
Deal Cadet
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Hello Guys… I received this notice from ITD-
The ITD has identified high value information which does not appear to be in line with the ITR file AY 2020-21

It is not telling me anything about what this “high value information” is!!!
Can anyone here help me understand this plz. confused


Edit 1:-
Here’s my story:
I was in India till Oct,2019. Then I left India because I got a job opportunity abroad. I’m still working abroad.

I got Form-16 from my previous company for the year FY2019-20. I had income from this company till Oct month.

Whatever income was shown in this Form-16, I filed ITR for FY2019-2020 as ITR-1.
Now why did I go with ITR-1???…..It’s because I read this line-
“An individual will be treated as a Resident in India in any previous year if he/she is in India for:
At least 182 days in that year, OR
At least 365 days during 4 years preceding that year AND at least 60 days in that year.”

So as per this, for the FY-2019-20 I’m still a resident of India. Because days from month April to Oct sums to around 200 days.

Is this wrong?
Need your advice plz.


Edit 2:-
I managed to check my Form26AS, as well as the compliance portal. Saw no issue with 26AS. But in the Compliance portal, I found a msg as “Other Income”. This income is interest from the bank, which I didn’t declared while filing return. So, I just revised my ITR, including this income as interest from savings account.
Let’s see what happens.
Thanks to @Sudarshan61 . He guided me on this. Thanks bro for your help.

152 Comments  |  
45 Dimers
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You might have purchase or sale some property or any other assets or even credit card transaction

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devenddab wrote:

You might have purchase or sale some property or any other assets or even credit card transaction

Even for FDs one can receive such notices..

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I received an sms…
nothing yet by courier

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Do you also deal in share market? Specially Option/Futures?

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High Value Transaction will be visible in Complaince Portal.
Did you check the complaince portal?
If you need help in checking complaince portal revert back, dimers will help

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No.. i haven’t purchased any property… But I keep doing small credit card transactions here-n-there..
But the sms that I received, is not specific about what is that it is finding as mismatch.
I might have to take help from some tax expert. pensive

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anupk1 wrote:

No.. i haven’t purchased any property… But I keep doing small credit card transactions here-n-there..
But the sms that I received, is not specific about what is that it is finding as mismatch.
I might have to take help from some tax expert. pensive

Cc txns amounting to?

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anupk1 wrote:

No.. i haven’t purchased any property… But I keep doing small credit card transactions here-n-there..
But the sms that I received, is not specific about what is that it is finding as mismatch.
I might have to take help from some tax expert. pensive

Check your form 26As and compliance portal

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I have added some more details to the post… My full story so far

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I too received ITR notice for non filling of ITR for my sister. She is in USA since 6 years. We do some delivery base buy/sell & I did some F&O trades in that account. We never filled ITR in her account till now bcoz profit is never more. 

Don’t know what to do now. Also in mail they have mentioned figures about these trading. But some figures are wrong as per me which says 28 lac worth buying & selling in off market transactions, which i m sure we have not done…

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You had foreign income, should have filed ITR2 and form 67

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Sudarshan61 wrote:

Check your form 26As and compliance portal

Sudarshan.. I have pm you. I need your help on this point. Some doubts about this NRI status, and the TRACES thing. Will you be able to help?

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@Sudarshan61 and other dimers help me too. M not an nri.. dont do stock or trading. Just have a couple of fds and 2 credit cards which I use

Edit:I checked in compliance portal.  It is showing me some “other source of income”
" total interest payable by bank"

Guess its on fd and savings bank balance interest. Is it for the last financial year only??

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Guys..
1st you need to check compliance portal..
Login to income tax website go to compliance section…
Know why you receive the SMS/email

High value FDs, time deposits, cash transactions, property sell/purchase , stock market trading everything is being reported…

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What about Oct19-Mar20 income? I guess u did some txns during this period but income not shown or there were amounts transferred from abroad but not mentioned in ITR

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Maverick_23 wrote:

@Sudarshan61 and other dimers help me too. M not an nri.. dont do stock or trading. Just have a couple of fds and 2 credit cards which I use

What is total FD value & total value of transactions done on credit cards in the year?

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drjpatwa wrote:

I too received ITR notice for non filling of ITR for my sister. She is in USA since 6 years. We do some delivery base buy/sell & I did some F&O trades in that account. We never filled ITR in her account till now bcoz profit is never more. 

Don’t know what to do now. Also in mail they have mentioned figures about these trading. But some figures are wrong as per me which says 28 lac worth buying & selling in off market transactions, which i m sure we have not done…

That is why it is never a good idea to not file ITR when you are dabbling in share market for anything more than 1-2 lakh(amount invested/transactions done irrespective of profit) in a year. Always file an ITR once you graduate from college even if you show income as zero(well show a few thousand as interest earned from saving acc as final tax will still be zero). Btw those figures you are talking about are probably wrong but you still need to prepare some sort of statement for all those FnO transactions.
@topgear

P.S. It is compulsory to file ITR3 for intraday/FnO transactions if they are not negligible, for delivery based trading one can get away with filing ITR1 if don’t want to carry forward losses but if you want to carry forward losses(which can be adjusted against gains in market in future to reduce tax liability) then you must file ITR2.

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guest_999 wrote:

What is total FD value & total value of transactions done on credit cards in the year?

Checked compliance portal.
Nothing shown for cc

Fds are approx 1-2 lac each..total 3 i guess in 3 different accounts. It has marked that and savings bank balance interest as other sources of income

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Maverick_23 wrote:

@Sudarshan61 and other dimers help me too. M not an nri.. dont do stock or trading. Just have a couple of fds and 2 credit cards which I use

Edit:I checked in compliance portal.  It is showing me some “other source of income”
" total interest payable by bank"

Guess its on fd and savings bank balance interest. Is it for the last financial year only??

Yup..so high chances you missed to mention this as income in your return…

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Sudarshan61 wrote:

Yup..so high chances you missed to mention this as income in your return…

So if i accept the mistake now..i need to pay extra tax only or there ll be some penalty also?

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drjpatwa wrote:

I too received ITR notice for non filling of ITR for my sister. She is in USA since 6 years. We do some delivery base buy/sell & I did some F&O trades in that account. We never filled ITR in her account till now bcoz profit is never more. 

Don’t know what to do now. Also in mail they have mentioned figures about these trading. But some figures are wrong as per me which says 28 lac worth buying & selling in off market transactions, which i m sure we have not done…

FnO trades are business transaction…few trades are ok…more than few trades are treated as Business Transaction. Based on turnover one may require Audit as well….and surely return needs to be filled ITR3/4 based on situation…😂

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Maverick_23 wrote:

Checked compliance portal.
Nothing shown for cc

Fds are approx 1-2 lac each..total 3 i guess in 3 different accounts. It has marked that and savings bank balance interest as other sources of income

You always have to file ITR when the total interest on FD earned in a year in a bank exceeds 40000(but nowadays I suggest to file itr even if this amount exceeds 20k). What amount you showed in ITR you filed?

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Maverick_23 wrote:

So if i accept the mistake now..i need to pay extra tax only or there ll be some penalty also?

Depends on how much is the actual income(as per income tax dept) & what income you showed in ITR. Tax is zero anyway for total annual income less than 2.5 lakh(as per IT dept).

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Hello, I also got such SMS for FY 2019-20.
Mostly for cash deposits, I have gone on compliance portal and marked that these transactions are mine.

But do i need to file ITR again?

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even i got.. in complaince portal it was shown some thing as unexplained income like that of amount 1.3l.. when i click on that it was shown my bank interests where i dindt shown in itr

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mobileyog wrote:

Hello, I also got such SMS for FY 2019-20.
Mostly for cash deposits, I have gone on compliance portal and marked that these transactions are mine.

But do i need to file ITR again?

Depends on quantum of cash deposits you have made…and how have you declared them in ITR/Income

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