Taxpayers receiving notice from Income tax department for high value information not appearing in Income tax return

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We are on the fag end of tenure available to file Income Tax return for AY 2022-23. As discussed earlier 31.12.2022 is the last date to file revised or belated Income tax return for AY 2022-23. To Read more CLICK HERE: 31.12.2022 is the last date for filing Income tax return for AY 2022-23 – Taxontips

Now Income Tax department has started sending alerts/ messages to the taxpayers mentioning that some high value information has been found on compliance portal which are not in line with

“Attention XXXXXX XXXXX (PAN XXXXX0991X)
Income Tax Department has identified certain high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2022-23 (relating to FY 2021-22). You can view the information on compliance portal. Please revise ITR / submit online response under e-Campaign tab on Compliance Portal. If the information has been correctly accounted for in ITR, you may ignore this message. Access Compliance Portal after login to the e-filing Portal (https://www.incometax.gov.in), go to “Pending Actions” tab, click on “Compliance Portal” and select “e-Campaign (AY 2021-22 onwards)”. On Compliance Portal, under e-Campaign list, view campaign type ”High Value Transactions”. – ITD”

Firstly, many people are considering it as a notice, however it is important to note that these are not notices but just an alert or message asking assessee to check if any high value transaction were missed out of the Income tax return and if possible, provide the feedback wherever expected.

When the assessee log in to the portal and go to his/ her AIS for FY 2021-22 they can see in the SFT information some transactions will be marked with an exclamation mark in front of them where assessee is expected to give feedback. So, assessee needs to check if such transaction has been included in his/ her Income tax return and whether the information is correct or not.

In the right-hand corner of each transaction, one will find a feedback button wherein the assessee or taxpayer can submit his/her feedback as to whether the information is correct, incorrect or relates to other PAN etc.

There is no due date as such to respond to such high value transaction however it is advisable to check the same before 31.12.2022 and respond so that one could file revised return if required or file return if they have not filed already.

Further, there could be cases where there are 500-1000 transaction reported in SFT or AIS and hence it is not possible to give feedback on each and every transaction. However, it is advisable to give feedback on each transaction wherever possible as this could enable the Income Tax Department to issue Income tax notice based on information available on record.

Although in majority of cases all the transactions are part of Income tax return and it is not necessary that if you have received a message then some of the income is missing income tax return. Further, it can be a case where AIS was updated after filing Income tax return, hence do check the AIS and the portal properly for such high value transaction.

Thus, it is advisable to check the Income tax Income tax return filed and AIS filed and see if any information has been missed out or not and give relevant feedback.

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