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Saving Bank Interest Not Shown in ITR? Receive SMS from Income Tax to Revise Returns and Check Compliance Portal

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Saving Bank Interest Not Shown in ITR? Receive SMS from Income Tax to Revise Returns and Check Compliance Portal

The income-tax department has started to reach out to certain taxpayers who have either not filed income-tax returns (ITR) or failed to accurately report high-value transactions in their returns.

Objective of the e-campaign is to facilitate taxpayers to validate their financial transaction information against information available with the IT department which was received from other external source and promote voluntary compliance, especially for the assessee for the FY 2019-2020 (AY 2020-21) so that they do not need to get into notice and scrutiny process.

Department has started sending SMS & Emails to such taxpayers about e-campaign on High Value Transactions on Compliance Portal.

Many Taxpayers have received following SMS from Income Tax Department on 28th March 2021

Attention KOXXA SUXXSH (XXXXX42X1D), The Income Tax Department has identified 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). Please revise ITR / submit online response under e-Campaign tab on Compliance Portal (CP). Access CP by logging into e-filing portal and clicking on ‘Compliance Portal’ link under ‘My Account’ or ‘Compliance’ tab – ITD

The Income Tax Department has identified 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).

 

 Please revise ITR / submit online response under e-Campaign tab on Compliance Portal (CP)

To check the Compliance Portal, you have to login to e filing website of Income tax and click on Compliance and Confirm following

  • This section is for submission of your response on High Value Transactions identified on the basis of analysis of Income Tax Return filed by you and Information received from different sources for Assessment Year 2020-21 (relating to FY 2019-20).
  • Submission of response may require 10 minutes or more of your time depending on the nature of information.
  • Information displayed may change in future subject to revision of the details received by the department from the Reporting Entities.
  • You will have option to revise your response in future.
  • Submission of response by you will help us in validation of information available with the Income Tax Department.

Conclusion: As per the trial Basis by the Income-tax department, we have to show saving interest in our income tax return (ITR) from FY-2020-21 onward. 

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