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High Value Transaction Compliance

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Ram

67 Points Posted on 29 March 2022

My Income Tax has been filed and processed. But today got an SMS that certain high value transactions aren't in line with the ITR. In the compliance portal every single transaction they have pointed out is already very much in the TDS with the exact same amounts in the filed ITR. There is no discrepancy I can find.

The SMS says "if information is correctly accounted in ITR ignore the message"

Can anyone please tell what is the appropriate course of action?

Replies (2)

Quick Summary

If you've received an SMS regarding high value transactions not aligning with your Income Tax Return (ITR), don't panic. The message advises to ignore it if the information is correctly accounted for in your ITR. It appears the system may flag transactions that are already correctly reported, especially if they've been subject to TDS. The recommended action is to submit a response through the compliance portal confirming the accuracy of your filings and then disregard further notifications on this matter.