E-Campaign - High Value Transactions for AY 2020-21
This query is : Resolved
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.
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
P.s - last date to revised ITR is 31 st March,2021
30 March 2021
Thank you so much for the guidance
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Rent lease agreement
- Relief u/s Section 89
- Nomination of Bank for refund in itr 2
- E way bill for tractors
- SGST balance is there in credit ledger how to adjust for cgst
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
