Received High Value information - Fret not

We've been saying this for years now - Systems are getting stronger. Gone are the days when you could misreport income. The Income Tax Department has tons of information now.

A lot of people have been receiving an SMS from the Income Tax Department

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

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

If you have received such a notice - fret not. Most people who have received this notice have missed reporting Savings Account interest or Fixed Deposit interest.

If you received this notice, it's probably because you or your advisor forgot to include said income in your ITR for FY 2019-20.

Compliance Portal

Here's what shows up in the compliance portal:

What do you need to do?

If you did miss showing interest on fixed deposits and savings accounts, move quickly. You have till 31 March 2021 to revise your ITR. You may also have an additional tax liability because of this.

Need help? Feel free to reach out to Galactic Advisors. We'll be happy to help out.