Need help upon ITR notice
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.
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.
Did u just accept everything without crosschecking with bank and filed the revised ITR?
Two questions to all @Sudarshan61 @Maverickz @guest_999
1: Is it must to file the revised ITR before 31st of this month?
2: I checked for one of my bank they have given the correct figures, but for the other the figures arent matching. Is it possible they can put in wrong values? and for the third I have already closed that bank account 3-4 months back so not able to access its records online.
@mayank21712 Thanks bro
@drjpatwa Login to incometax site and select compliance and click compliance portal and confirm. It will open new tab for compliance portal where you can find details.
Pls someone post here compliance Portal Link.
Login to https://portal.incometaxindiaefiling.g...n/
Go to compliance tab and click Compliance Portal. It will take you to https://compliance.insight.g...n/
Even I got the same sms.Compliance portal me fd se interest ko show kr rha hai.What to do next?
Can someone confirm what does below term means?
Interest other than “Interest on Securities” received (TDS Form 26Q, Section 194A)
An individual or a HUF is liable to deduct TDS under section 194A, if total sales, gross receipts or turnover exceed one crore rupees in case of business or fifty lakh rupees in case of profession during the financial year immediately preceding the financial year in which such interest is credited or paid.
Section 194A deals with deduction of TDS on interest other than interest on securities like Interest on Fixed Deposits,Interest on Loans and Advances other than banks.
tax hit equivalent of op9R happy holi to me
Any CA or ITR Expert here.Need some suggestion
You can post your query here… U would get the required suggestions… CAs don’t give free service / suggestions
You can post your query here… U would get replies…
@anupk1 @Sudarshan61 Guys please lemme know!
Modi sab ko notice send krwa raha hai . Janta ka khoon choos lenge ab. Saving bank ke interest par bhi notice aa rahe hai. FD ki double entries show ki ja rahi hai. 1-2k interest ko High Value Transaction bta rhe hai. Wasting of time of people
Up to rs 10000 in sb account intrest is tax free.
But tricky point here is you need to show that in your Exempted income. As now scrutiny is automated so even small difference is itr and 26 as will be picked up computer.
So it is better to check 26 as before filing itr return and reconcile all your itr with 26 as.
Aj ITR revise ni kia to ky hoga?.High Value Transaction me FD aur Saving ac ka 1.45 Lakh interest show kr rha hai.
They may initiate proceedings under the Income Tax Act, 1961 or do scrutiny assessment
Ok, so I can check all information in compliance portal & source of information is CDSL & NSE as per them. They have each & every information there. Even which strike price of nifty i traded, that too !!!
Filled ITR3 by myself as CA was also not aware that for F&O trading we need to fill ITR 3 or 4. Let’s see what happens further…
Nice work 👍
Compliance portal me bank ne jisme 10% tds kat lia h wo amount bhi show kr rha hai.Usko information is correct krna hai ki Duplicate
Usually they list it under “Interest other than “Interest on Securities” received (TDS Form 26Q, Section 194A)” . This is the amount on which TDS is already deducted.
Then there are individual entries with information description as “Total interest payable by a banking company (SPP)”. This is the individual transaction for interest paid by bank.
Now if you have both these entries, mark the individual entries as Duplicate.
Where is compliance portal?
Login to the e-filing portal (https://incometaxindiae...ng.
gov.in) and click on the ‘Compliance Portal’ link available in ‘My Account’ to navigate to Compliance portal (https://compliance.insight....in)
i got this sms just few days before the last date for filing the return and by the time I saw that sms the last day to file return has been elapsed so there is no option to file revised return found in the website. On the very same day i have raised grievance for enabling me to file revised return but there is no reply yet. This year return, i have included all those interest income but pertaining to the current AY only and the IT department processed the return without raising any issue about that high value transaction sms and my failure to file revised return thereafter to that sms.
how much fine and additional tax u have to pay for last year?
chup maar ke baithe raho
What job u are doing abroad??
I have updated this post. The compliance portal was showing me the bank interest as other income, which I didn’t declare while filing ITR. So, I revised my ITR, showing this as other income.
It’s strange that his happened this year. Previously too I didn’t show the interest amount while filing ITR. I used to simply copy-paste figures from the Form16. And Submit. There was never such problem. I thought this is not a problem at all.
Seeing the replies on this post, I think from this year onwards they have started strictly checking this part. Did anyone else get such msg in previous years? For not declaring the Interests under Income?