On 29.03.2022 mostly all the taxpayers received an SMS from the Income Tax department relating to their PAN number wherein it was mentioned that Income tax department has identified some high value transaction which are not in line with Income Tax return filed or which are missing in the Income Tax return filed for Assessment year 2021-22 relating to Financial year 2020-21.
It was also mentioned that one can view the information on compliance portal and the message provides two options either to revise ITR or to submit response on compliance portal.
Further, in the message it has also been mentioned that one can ignore this message if information has been correctly accounted for in the ITR.
Now, this message raised an alarm in the minds of taxpayer that their CA or tax return preparer have not filed income tax return correctly and hence they are receiving such notice.
However, it is important to note that this message is not a notice from Income Tax department but just an information or alert from Income Tax department to check all high value transaction mentioned under their name.
Such type of messages were also circulated by Income Tax department before 15.03.2022 wherein they were running a campaign for getting Advance tax from taxpayer.
Similarly, now Income Tax Department is again making the people aware of the information available with Income Tax department so that people check the same and file Income Tax return correctly. However, releasing message to everyone without checking the Income Tax return filed and that too 2 days before the due date for filing belated or revised return has created a panic and is a kind of harassment for normal tax payer and Income Tax Department should stop doing such things.
The Message sent by Income Tax Department to Assessee/ Taxpayer is as under:
“Attention XXXXXX XXXXXXX (PAN XXXXX1780X)
Income Tax Department has identified certain high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2021-22 (relating to FY 2020-21). You can view the information on compliance portal. Please revise ITR / submit online response under e-Campaign tab on Compliance Portal. If the information has been correctly accounted for in ITR, you may ignore this message. Access Compliance Portal after login to the e-filing Portal (https://www.incometax.gov.in), go to “Pending Actions” tab, click on “Compliance Portal” and select “e-Campaign (AY 2021-22 onwards)”. On Compliance Portal, under e-Campaign list, view campaign type ‘High Value Transactions’. – ITD”
This, is also a signal that after insertion of new provision of section 148 and 148A in Income Tax Act for conducting re-assessment proceedings wherein now assessment will be done based on information, assessee and their Chartered Accountant should be aware as to what information is available with the Income Tax Department and this is one of the source to know this information
Hence, one need not worry from such messages if all the income has been already offered to tax in Income Tax return filed for AY 2021-22.
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