Income tax department sends message that some high value transaction does not appear in Income Tax return. What to do?

PDFPrint

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)

PDFPrint