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Taxpayers in tension due to tax notice! If you have also done these transactions then be careful

Income tax new rule: It has been learned that the tax department is sending notices regarding high value transactions. Income tax notice is being sent by the department through SMS.
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Taxpayers in tension due to tax notice! If you have also done these transactions then be careful

Newz Fast, New Delhi: The year 2023 is about to end and the last date for filing revised income tax return for this year is also near. Meanwhile, taxpayers are receiving tax notices from the tax department. 

Especially the Income Tax Department is keeping an eye on the taxpayers doing high value transactions in this financial year.

Why is the department sending tax notices?

It has been learned that the tax department is sending notices regarding high value transactions. Income tax notice is being sent by the department through SMS. 

Notices are being sent on high value transactions during 2022-2023. People are being asked to fill the revised ITR by 31st December.

What to do if you get notice?

If you have also received this notice, then first of all get your AIS i.e. Annual Information Statement. Match the AIS with your returns. If there is any discrepancy, fill the revised return. Also go to the Compliance Portal and respond.

Where to find Compliance Portal?

Login to e-filing portal www.incometax.gov.in/ . Go to 'Pending Actions' and click on 'Compliance'. Then you will reach the 'e-Campaign Tab'. You will see high value transaction, enter your answer.

What is high value transaction?

Transactions above a transaction limit are called high value transactions, like-

Order on bank draft in cash Rs 10 lakh

Cash deposit in savings account Rs 10 lakh

Current account - cash deposit/withdrawal Rs 50 lakh

Sale of property Rs 30 lakh

Share, MF, bond investment Rs 10 lakh

in cash Credit card bill Payment Rs 1 Lakh

Credit Card Bill Payment Rs 10 Lakh

Through Cash FD Deposit Rs 10 Lakh