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
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Offsetting interest income against derivative trading losses
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
