The Income Tax Department is alerting taxpayers to make sure they have completed this transaction by checking their returns

 The Income Tax Department is alerting taxpayers to make sure they have completed this transaction by checking their returns

The Income Tax Department is alerting taxpayers to make sure they have completed this transaction by checking their returns

It has been discovered that communications on high-value transactions are being sent by the tax department. Please explain the significance of this SMS message that we got from the department.

The year 2023 is almost over, and so is the deadline for submitting an amended income tax return for this year. In the meanwhile, the tax administration is sending reminders to people about taxes. The Income Tax Department is particularly monitoring taxpayers who are engaged in high-value transactions throughout this fiscal year. If you have also got a message like this in a similar circumstance, could you please explain its meaning to us?

Why are tax notifications being sent by the department?

It has been discovered that communications on high-value transactions are being sent by the tax department. The agency is using SMS to send income tax notices. During 2022–2023, notices are being delivered on high-value transactions. Individuals are requested to complete the updated ITR before December 31st. But is the Income Tax Department really sending out notices like this?

Income Tax Department sent advise rather than a notification.

The Income Tax Department said that these alerts are delivered to taxpayers for their convenience on social media site X. This is an advising message being sent to taxpayers, not a notification. When there is a difference between the information obtained from the reporting unit and the ITR disclosure, this is communicated.

According to the IT Department, the goal of this correspondence is to provide taxpayers the chance to submit their online comments via the Income Tax Department's Compliance Portal and amend their returns if needed or if they haven't filed them yet. able to file it.

What should you do if an ITD notification arrives?

In the event that you have also got this mail, get your AIS first. Statement of Annual Information. Check the AIS against your statements. Complete the amended return if there are any differences. Visit the Compliance Portal as well and reply there.

Where is the Compliance Portal located?

Visit www.incometax.gov.in/ to log in to the e-filing site. Navigate to "Pending Actions" and choose "Compliance." You will then arrive at the "e-Campaign Tab." When the high-value transaction appears, provide your response.

High value transactions: what are they?

High value transactions are those that exceed a transaction limit and include:

Order for Rs. 10 lakh cash on bank draft

Rs. 10 lakh in cash deposited into a savings account

Rs 50 lakh in cash deposits or withdrawals from current accounts

Property sale for Rs. 30 lakh

Rs 10 lakh invested in shares, mutual funds, and bonds.

1 Lakh rupees in cash to pay credit card bills

Payment of Credit Card Bills: Rs. 10 Lakh

By Cash FD Deposit of Rs. Ten Lakh