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manikanta juluri (student)     19 April 2021

High Value Transaction Income Tax

Received message from Income tax department regarding High Value Transactions. Income tax return filed but Income not offered in ITR, information in the High Value Transactions is Correct. Now how can I file revised return or only give reply to Notice?


 2 Replies

Sourav

Sourav (Student)     19 April 2021

You should file a revised return only under condonation of delay u/s 119(2)(b) under IT ACT
CA Puja Sharma

CA Puja Sharma (Chartered Accountant)     19 April 2021

You were required to reply to that message by 31st March 2021. These messages were sent by the department in the last week of March. 

No you cannot revise your return because it is time barred now.

You can only file by applying for condonation

But the condonation request may not be accepted in this case. 

Wait for further communication from department or for demand. 


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