Income Tax department notice/SMS/E-mail reasons and responding to them

[Maverick05]

This financial year is ending on 31st march and as a Bank requirement by tax laws of India Banks & Financial institutions will be reporting some transactions to Income Tax department.

So, check the below article to know about:

What transaction may invite the IT deptt. scrutiny?
How to respond to IT deptt notices/sms ?

https://cleartax.in/s/income-tax-hi...t-response-under-e-campaign-compliance-portal

You can see the transactions reported for your PAN card number on the IT deptt. AIS app:

https://play.google.com/store/apps/details?id=io.lntinfotech.AIStaxpayer

and e-portal: https://eportal.incometax.gov.in/iec/foservices/#/login

From next financial year, if you don't want IT deptt scrutiny then make sure you don't breach the limits of transaction criteria mentioned in the article.

For the current financial year, if you receive notice/sms/email because of the above mentioned reasons then there is no need to panic, IT dept is just doing its duty to ensure tax compliance in the country. It just wants you to pay the taxes if you are liable to pay under the Income tax laws of India and if you think your earnings fall under the exempted income criteria then simply reply to the notices on e-portal yourself or with CAs help.

 

[Vasuki]

This financial year is ending on 31st march and as a Bank requirement by tax laws of India Banks & Financial institutions will be reporting some transactions to Income Tax department.

So, check the below article to know about:

What transaction may invite the IT deptt. scrutiny?
How to respond to IT deptt notices/sms ?

https://cleartax.in/s/income-tax-hi...t-response-under-e-campaign-compliance-portal

You can see the transactions reported for your PAN card number on the IT deptt. AIS app:

https://play.google.com/store/apps/details?id=io.lntinfotech.AIStaxpayer

and e-portal: https://eportal.incometax.gov.in/iec/foservices/#/login

From next financial year, if you don't want IT deptt scrutiny then make sure you don't breach the limits of transaction criteria mentioned in the article.

For the current financial year, if you receive notice/sms/email because of the above mentioned reasons then there is no need to panic, IT dept is just doing its duty to ensure tax compliance in the country. It just wants you to pay the taxes if you are liable to pay under the Income tax laws of India and if you think your earnings fall under the exempted income criteria then simply reply to the notices on e-portal yourself or with CAs help.

Good information

Following 🧵

 

[Vasuki]

@NShah @varun__goel_ @techt @Akash0043 .
Keep any eye on app . Ais information gonna be updated post 1st april ? Right

 

[Maverick05]

@NShah @varun__goel_ @techt @Akash0043 .
Keep any eye on app . Ais information gonna be updated post 1st april ? Right

Not 1 april exactly but in next 1-2 months most of the info will be updated as it is received by IT deptt

 

[Vasuki]

Not 1 april exactly but in next 1-2 months most of the info will be updated as it is received by IT deptt

Whatever the case .
Thanks for bringing it in notice..
I could see 1rs dividend received by sjvn stock 😅 in my AiS ..
Uwuwuwuuwuwuwu

 

[doraemon]

Not 1 april exactly but in next 1-2 months most of the info will be updated as it is received by IT deptt

In May
ITR has to filed in June for TDS claim
Source : article from a CA site

 

[Maverick05]

Update: AIS is being updated gradually based on the data submitted by banks, interest income for some bank accounts is now showing. So, do Check yours.

 

[Pradumya]

@NShah @varun__goel_ @techt @Akash0043 .
Keep any eye on app . Ais information gonna be updated post 1st april ? Right

SFT transaction reporting last date is 31 may for financial institutions.
After that probably in 2 weeks Ais will be updated completely. Also June 15 is last date for form 16 so all these timings match for AIS updates.