Hotness Your pan flagged for not filling ITR SMS received

Hot Deal Your pan flagged for not filling ITR SMS received

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Tech Guru
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Attention Your PAN has been flagged for not filing of ITR for FY 2018-19. Please file your ITR or submit online response under e-Campaign tab on Compliance Portal (CP). Access CP by logging into e-filing portal (My Account) – ITD

When i logged into CP pannel.i can see 16 lakh payment to SBI card which I rotated through The mobile wallet ,
and a big amount of liquid mutual fund transactions
All this transactions were actually not income or spends just money rotation how to respond please help

232 Comments  |  
61 Dimers
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Deal Cadet
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Hire a CA. Believe me this is the best advice anyone can give.

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Deal Cadet
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Hire CA, File the Tax on your actual income, provide all statements and trails of transactions
mutual funds need to be reported, amount bought, amount sold actual profit
irrespective of amount

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Deal Subedar
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Lag gaye bhai 🙃

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Deal Lieutenant
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Atleast you could have filed your ITR. Have you not filed any ITR for previous years too?

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Deal Cadet
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Do the following things :
Go to Account and extract a mutual fund statement for your liquid funds , you need to disclose interest income from this as other income.
And regarding SBI credit card – Well prepare a statement of amount received and amount paid back. In case you are making anything on this , then add that as well to your other income.
Be very careful when you do card transactions , you need to file an ITR.

Others who also don’t file any returns , please file the returns show your other income within the exemption limits , this ensures that system would not be able to flag cases of not filing returns.

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Entertainer
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Aur kro points ke liye hera feri🤣🤣🤣bde wale lg gye aapke.
T: print all those statements from all accounts. And proof of all accounts belonging to only u. Get interest certificate (if any from mutual funds and all accounts)

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Tech Guru
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RockChap wrote:

Atleast you could have filed your ITR. Have you not filed any ITR for previous years too?

My income is below 2 lakh per annum

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Tech Guru
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rahulkothu wrote:

Do the following things :
Go to Account and extract a mutual fund statement for your liquid funds , you need to disclose interest income from this as other income.
And regarding SBI credit card – Well prepare a statement of amount received and amount paid back. In case you are making anything on this , then add that as well to your other income.
Be very careful when you do card transactions , you need to file an ITR.

Others who also don’t file any returns , please file the returns show your other income within the exemption limits , this ensures that system would not be able to flag cases of not filing returns.

Compliance portal asking two questions
First regarding itr
I can say I have not filed ITR as I am not liable and write details in remarks
Second query about mutual fund transactions and credit card payment
I need to select information as correct or partially correct or duplicate
Here I am confused information correct but not actual income or payment just rotation I will try to leave it as it is

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Deal Cadet
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drupal wrote:

My income is below 2 lakh per annum

They are targetting only such individuals while rest who earn in crores escape

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Deal Subedar
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When i logged into CP pannel.i can see 16 lakh payment to SBI card which I rotated through The mobile wallet

Can you brief us about this, what you actually did and in what time period???

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Tech Guru
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SunnyKh wrote:

When i logged into CP pannel.i can see 16 lakh payment to SBI card which I rotated through The mobile wallet

Can you brief us about this, what you actually did and in what time period???

TMW wallet allowed credit card money load and TMW virtual card worked on paytm payment bank daily 10,000 credit card to bank

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Deal Cadet
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drupal wrote:

Compliance portal asking two questions
First regarding itr
I can say I have not filed ITR as I am not liable and write details in remarks
Second query about mutual fund transactions and credit card payment
I need to select information as correct or partially correct or duplicate
Here I am confused information correct but not actual income or payment just rotation I will try to leave it as it is

Just mention that your income is lower than the taxable amount.

In second query just mention the details, however mention it in a factually correct manner as you have to provide a supporting for that.

Again a statement of inflow and outflow from your bank account, which ensures there is no income generated from this.


In case there is some income / margin disclose that as income and mention that since it was below the threshold you did not file an ITR.

Agreeing with all above , it is better to hire a CA. So he can take care of documentation aspect for you.

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Tech Guru
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rahulkothu wrote:

Just mention that your income is lower than the taxable amount.

In second query just mention the details, however mention it in a factually correct manner as you have to provide a supporting for that.

Again a statement of inflow and outflow from your bank account, which ensures there is no income generated from this.


In case there is some income / margin disclose that as income and mention that since it was below the threshold you did not file an ITR.

Agreeing with all above , it is better to hire a CA. So he can take care of documentation aspect for you.

All process is online bro
CA will demand huge money looking at transaction amount

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Deal Cadet
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Trust me it still will be cheaper than paying penalty. Explain it to your CA that there are hardly any transactions and prepare the statements and give it to him.

Just ask him to verify the documentation once and whether all are in order or not.

And just Google penalty for non filing of return you will realise that CA will be much cheaper than this.

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Deal Subedar
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This is a warning for people who are considering money rotation from Credit Card, a simple task. Once they Flag you, you have to give each and every information that can convince them and believe me being a CA, it’s not a easy task

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Deal Cadet
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As per my friend, govt tax collections is falling … and they are under duress.
Heavy targets have been given to Tax officials who are extracting all old transactions listing also ( even >6 years old too)

Expect more such notices to come.
#NewIndia

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Deal Subedar
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drupal wrote:

All process is online bro
CA will demand huge money looking at transaction amount

Bro nothing against you but it is very difficult sometimes which otherwise looks very easy. If they are not satisfied with your explanation, they would consider whole transaction as Income and can charge tax on that as well as Interest and 100℅ penalty. You can do anything if you don’t have proper and logical facts and money rotation is most illogical explanation

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Shopping Friend
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manish.kumar19 wrote:

This is a warning for people who are considering money rotation from Credit Card, a simple task. Once they Flag you, you have to give each and every information that can convince them and believe me being a CA, it’s not a easy task

what about send and receive money between the wallets like amazon pay / phone pe

every month they give offers of scan pay / send receive money

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Tech Guru
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manish.kumar19 wrote:

This is a warning for people who are considering money rotation from Credit Card, a simple task. Once they Flag you, you have to give each and every information that can convince them and believe me being a CA, it’s not a easy task

Are you a CA bro

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Deal Subedar
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desiman wrote:

what about send and receive money between the wallets like amazon pay / phone pe

every month they give offers of scan pay / send receive money

That is just 5-10k max which can be done for offers. Here discussion is about lacs. If you are doing 2-3 lakhs in a year, not and problem. But if this amount becomes 1-2 lakh each month then where is income tax department at fault to issue notices. They would and must issue

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Deal Cadet
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As long as you send something and receive it back,there is no issue.

These cases can be avoided using following tricks :

1) Ensure that you file an Income tax return
2) Pay some nominal Amount as tax – varies from person to person

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Tech Guru
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rahulkothu wrote:

Trust me it still will be cheaper than paying penalty. Explain it to your CA that there are hardly any transactions and prepare the statements and give it to him.

Just ask him to verify the documentation once and whether all are in order or not.

And just Google penalty for non filing of return you will realise that CA will be much cheaper than this.

I had done many transactions through my BOI debit card but unfortunately it is account is closed now can I ask them PDF statement on my mail?

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Deal Cadet
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drupal wrote:

I had done many transactions through my BOI debit card but unfortunately it is account is closed now can I ask them PDF statement on my mail?

Visit their branch , they will give you a physical statement

Not sure mail would work or not , but they will give a statement if you ask for it

I would suggest you to take a print out of the notice and go to the bank.

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Deal Cadet
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rahulkothu wrote:

Do the following things :
Go to Account and extract a mutual fund statement for your liquid funds , you need to disclose interest income from this as other income.
And regarding SBI credit card – Well prepare a statement of amount received and amount paid back. In case you are making anything on this , then add that as well to your other income.
Be very careful when you do card transactions , you need to file an ITR.

Others who also don’t file any returns , please file the returns show your other income within the exemption limits , this ensures that system would not be able to flag cases of not filing returns.

If you gained cashback then treat it has income

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Deal Cadet
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myfungang829 wrote:

If you gained cashback then treat it has income

Only more than 50,000.

If it is below 50000 then it is not taxabke income. If it is greater than 50k then it is Income from other sources.

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Deal Subedar
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me too receive this message when i login i see income on securities transactions,purchase of security,sale of security,income on security transactions etc. i did some trading and investing in stock market and amount shown is huge overall i did loss so i did not filled return

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Tech Guru
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1973
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rahulkothu wrote:

Visit their branch , they will give you a physical statement

Not sure mail would work or not , but they will give a statement if you ask for it

I would suggest you to take a print out of the notice and go to the bank.

Too many transactions to take a printout almost 50-60 every month

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Tech Guru
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deadguru wrote:

me too receive this message when i login i see income on securities transactions,purchase of security,sale of security,income on security transactions etc. i did some trading and investing in stock market and amount shown is huge overall i did loss so i did not filled return

When you received this message

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Deal Subedar
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today,check pm

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