Income tax return has been selected under risk management process

Sssss (Learner) (1845 Points)
Replied 15 April 2020

@ rakesh the amount receive from the RD has to be added, there is no other go. Kindly revise the return

Umang Jain (8 Points)
Replied 15 April 2020

@ Sheena : I checked my return is overestimated it should be less but I have selected option 1 ..could you please let me know how can I revise my return ...any help will be appreciated

Rakesh (Service) (86 Points)
Replied 15 April 2020

@ Sheena- but i already chose option 1. what do i do now?

Also, since tds is deducted at source for the RD, will income tax dept still consider it as an income. if yes, that means i will be taxed twice for this.

Thanks.

Umang Jain (8 Points)
Replied 15 April 2020

Please let me know if you can help in filing as you are a CA..

Ani (Freelancer) (102 Points)
Replied 16 April 2020

What notices were sent to them?

Rakesh (Service) (86 Points)
Replied 16 April 2020

Anyone who selected Option 1, after the risk ma agement communication, did you get any further email/sms from ITD, please let all of us know on this thread

Bhanwarlal Bijarniya (2 Points)
Replied 16 April 2020

15.04.2020 Press Release Over 10.2 lakh Refunds worth Rs. 4,250 Crore issued in a Week CBDT New Delhi In pursuance to the Government's decision vide Press Note dated April 8th 2020 to issue pending Income tax refunds up to Rs. 5 lakh in order to help taxpayers in a Covid 19 pandemic situations, the Central Board of Direct taxes (CBDT) today said that it has already issued over 10.2 lakh refunds totalling to around Rs. 4,250 crore as on April 14th 2020. These refunds are over and above the 250 crore refunds already issued in FY 19-20 till March 31st 2020 totalling to Rs. 1.84 lakh crore. CBDT further sald that about 1.75 lakh more refunds are in the process of issuance in ths week. These refund would get credited directly to the taxpayer bank account in 5-7 business days from issuance However, in around 1.74 lakh cases, email responses are awaited from taxpayers regarding reconciliation with their outstanding tax demand for which a reminder email has been sent asking them to respond within 7 days so that the refund can be processed accordingly. It may be noted that these reminder emails from I-T department are in fact for the benefit of taxpayers as it seeks them to confirm their outstanding demand, their bank accounts and reconciliation of select/mismatch prior to issue of refund. CBOT appealed that it is in the interest of taxpayers to provide a response to such emails at the earliest so that refunds could be processed and issued at the earliest. CBOT has requested taxpayers to check their email and login to their e-filing account to respond to the IT Department immediately. CBDT also said that it has noted in a few media, Including social media, some questions are being raised with regards to CBOT's computerised email to the taxpayers to respond within 7 days for enabling the department to process refund. In this regards, it is clarified that these are the necessary routine process related communications to the taxpayers to seek response on defective ITR prima facie adjustments and where confirmation is sought about certain claims made by them. In all such cases, a quick response from the taxpayer would enable the iT Department to process their refunds expeditiously,

Siva Appikonda (Chartered Accountant) (175 Points)
Replied 16 April 2020

Dear All Please note that this is not Scrutiny or any other assessment procedure. There is no need to be worried in this regard. You should just follow the instruction given in the E Mail and submit your response. No body is aware in respect of this Risk Management Process because as such there is no specific provision in Income Tax Act 1961, But the ITO may seek any information for better clarity and understanding regarding the Assesses or any other person under various sections of Income Tax Act. This E Mail has been shoot by Compliance Management Team of Income Tax Department. You may get in touch with them through Toll Free No. 18001034215 or may go to the website https://report.insight.gov.in/reporting-webapp/portal/homePage. I have Inquired the same and they replied through an another E Mail that "This is a campaign mail for submitting response under Claim of Refund in your Income Tax Return" Well at present the conclusion is that there is no need to be worried as this is not an assessment procedure of Income Tax Department. Regards CA Siva Appikonda.

Contact me 8522857008 for more queries.

2 Like

Siva Appikonda (Chartered Accountant) (175 Points)
Replied 16 April 2020

Dear Tax Payers,

Am here to help you in solving all your queries..

Please do call me if necessary 🙏🙏🙏

Ph.no.8522857008

CA Siva Appikonda

Ch P Janadeo (69 Points)
Replied 16 April 2020

Hi Siva,

Thank you for the clarification.

I hope these ITR's and refunds will be processed some time this week after submitting the responses.

Siva Appikonda (Chartered Accountant) (175 Points)
Replied 16 April 2020

Dear All Please note that this is not Scrutiny or any other assessment procedure. There is no need to be worried in this regard. You should just follow the instruction given in the E Mail and submit your response. No body is aware in respect of this Risk Management Process because as such there is no specific provision in Income Tax Act 1961, But the ITO may seek any information for better clarity and understanding regarding the Assesses or any other person under various sections of Income Tax Act. This E Mail has been shoot by Compliance Management Team of Income Tax Department. You may get in touch with them through Toll Free No. 18001034215 or may go to the website https://report.insight.gov.in/reporting-webapp/portal/homePage. I have Inquired the same and they replied through an another E Mail that "This is a campaign mail for submitting response under Claim of Refund in your Income Tax Return" Well at present the conclusion is that there is no need to be worried as this is not an assessment procedure of Income Tax Department. Regards CA Siva Appikonda 8522857008

Siva Appikonda (Chartered Accountant) (175 Points)
Replied 16 April 2020

Hi Ch P Jana ,

These returns will be processed in 5 to 6 days but based on accuracy of your return.

Rakesh (Service) (86 Points)
Replied 16 April 2020

Hi Shiva - under tax credit mismatch, i see that ' tax credit claimed is fully matched with tax credit available in 26AS' . What does it mean?

Thank you.

Ani (Freelancer) (102 Points)
Replied 16 April 2020

In income tax press release they have asked tax payers to respond within 7 days but we are given 30 days..Anythoughts on this? Are we part of 1.75 lakh tax payers list or rest lot of 31k?

Sssss (Learner) (1845 Points)
Replied 16 April 2020

It’s up to you when you know that you have raised the claims falsely and not want to revise the return. You have to face the consequences.No one will help you at that time.