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

Many Taxpayers have received following SMS from Income Tax Department since yesterday 28 March 2021,

Attention NISHIL CHAUHAN XXXX (XXXXX19XX12X),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

As per feedback received from some Taxpayers, They have missed showing Interest Income from Saving Bank Accounts and so they have received the Notice

Following is The Screen Shot of one Compliance Portal showing Interest on Saving Bank was not reported in Income Tax Returns for FY 2019-20

Bank are not working till Tuesday and many Taxpayers will not able to confirm the interest income. The time provided to revise returns is 31 March 2021 which is just 2 days from receiving intimation. We can expect or Hope Income Tax Department provide more time to file Revise returns

Further the 26AS Statement do not show interest income which is shown in Compliance Portal. Every Taxpayers have to reconcile all the figures of interest income from Fixed Deposit / Saving accross all the banks. This will require more time and is practically not possible to file revise returns in 2 days.

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.

Know How to Reply to the Notice

How to submit reply for Income Tax E-Campaign on Compliance Portal for Non Filing Tax Return and High Value Transactions? Click here

What are High Value Transactions for which you may receive Notice?

What are High Value Transactions and How Income Tax Department get Information? Click here to read more

Is reply for Compliance Intimation under E-Campaign by Income Tax Dept obligatory? What if Taxpayer Do not reply?

To Read click here

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