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March 13, 2020

How to Reply on Compliance Portal of Income Tax on High Value Financial Transactions

by facelesscompliance in Compliance Law, Income Tax

Many Income Tax payers having high value transaction have started to receive communication from Income Tax Department via SMS and email like

“Attention (PAN AAATXXXX0M), Income Tax Department has received information about certain high value financial transactions relating to FY 2019-20. Please view transactions under e-Campaign tab on Compliance Portal (CP) and remember to pay appropriate advance tax. Access CP by logging into e-filing portal (My Account) – ITD”

What is new e-Campaign of Income Tax Department?

The e-Campaign of Compliance Portal by Income Tax Department, helps them to receive information from various sources related to the taxpayer and ask taxpayers feedback and submit response

At present following 3 different e- Campaign questions are asked

Significant Transaction

Transactions reported to the Income Tax department during a financial year that are considered not in line with the profile of the taxpayer based on pre-defined rules are displayed to the taxpayer for feedback and for response

Non filing of Return

Taxpayer who have not filed return of income for a specific assessment year and have potential tax liability or who are under obligation to file return of income, are required to reply why they have not filed their returns

ITR Information Mismatch

Transactions of the taxpayer reported in their ITR which have been found to be inconsistent with the information received from the third party for a specified Assessment Year are displayed to the taxpayer for feedback

What is process to reply?

Login to your Income Tax E Filing Account

Click on Compliance portal

The landing page on successful login will be displayed as below.

Select E Campaign

Transactions reported to the Income Tax department during a financial year that are considered not in line with the profile of the taxpayer based on pre-defined rules are displayed to the taxpayer for feedback. These will be visible in the form of Information Summary.

What are the Feedback options available for submission of Response against each Information detail?

The feedback options will be displayed on each Information detail. User will be able to select only one of the available options for submitting feedback. Feedback options are as follows:

  1. Information is correct
  2. Information is not fully correct
  3. Information relates to other Person / Year
  4. Information is duplicate/included in other displayed information
  5. Not aware of this Information

What options are available to reply for Non-Filing of Return?

  • ITR has been filed – Under this option, provide mode of filing, date of filing, acknowledgement number and Circle/Ward (in case of paper filing).
  • ITR has not been filed – On selecting this option, Taxpayer needs to provide further reason as Return under preparation or Not liable to file return of income
  • If the taxpayer selects ‘ITR has been filed’, Taxpayer need to provide the following information:
    • Mode of filing (paper or e-filed)
    • Date of filing
    • Acknowledgement Number
    • Circle/Ward and City (only if mode of filing is paper filed)
  • For the ‘ITR has been filed’ response, ITD will verifying whether Return has been filed or not. If any discrepancy is found, the taxpayer will receive a notification for providing correct acknowledgement number

How many times, Taxpayer can Revise Response using “Change Response” ?

After submitting the response, taxpayer can view the submitted response and change by by clicking on the hyperlink “Change Response”

What to do if the information displayed in your Compliance Account belongs to other Person?

The Taxpayer will select this option in case the Taxpayer is aware of the Information, but it does not belong to him completely e.g. such instances may arise due to joint ownership of property or joint holding of accounts or other assets. While choosing this option Taxpayer is expected to provide correct and complete information of other person(s) to whom the Information pertains (i.e. PAN, relationship, FY etc).

Where you can check if information submitted or reply submitted history?

You need to go to Home and Click on E Campaign History