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E-Campaign - High Value Transactions for AY 2020-21

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30 March 2021 Dear Sir/Madam,
My friend has received a mail from income tax department. The subject line is as above. Other contents of the mail are as follows:

We appreciate that you have filed your Income Tax Return and contributed towards the progress of Nation. However, the Income Tax Department has received information on high value transactions relating to (PAN NUMBER) for Financial Year 2019-20. On the basis of data analysis, the Income Tax Department has identified following high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 (relating to FY 2019-20):

Total interest payable by a banking company (SPP)-105340
Interest other than 'Interest on Securities' received (TDS Form 26Q, Section 194A)-47023

Please suggest what should be the ideal compliance for this. Moreover, if the amount of Rs.1,07,190/- is tax free and therefore he did not mention that in his income tax return, will it create any problem?

Thanks and regards.

30 March 2021 You have to reply the compliance first along with that ITR need to be revised. Even if income is exempted your friend has to show the detail in ITR under exempted income tab.

P.s - last date to revised ITR is 31 st March,2021

30 March 2021 Thank you so much for the guidance






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