High Value Transaction SMS and email from Income Tax | E-campaign&Compliance portal related solution

When you receive messages and mail's like below and know how to check it out.

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

This video will help you to resolve your following queries :

#How to know why you are receiving mail's and message from income tax department.
#What to do when you receive mails and message regarding high value transaction in income tax.
#How to check the reason of receiving mail from income tax department in e-compliance portal.
#E-compliance
#E-Governence

SUMMARY OF THE VIDEO:
High Value transactions are transactions which are incurred in high denominations. From last few years income tax department is shaking hands with all the other related Govt. departments from which it can procure financial information and trace all the persons who are spending high amount but are not filing income tax return or are not paying taxes according to income earned. The Govt. day by day is taking several measures to reduce tax evasion and for this it is adopting technology and is bringing its operation in digital mode. There are 11 transactions which are closely monitored by income tax department. For the purpose of smooth reading let us consolidate it into 5 transactions and understand.

DIFFERENT TYPES OF HIGH VALUE TRANSACTIONS:
With an aim to curb black money mess and to track high value cash transactions, the government has decided to implement new reporting guidelines w.e.f November 2016, March 2017 & Aug 2020. As per the govt’s notification, all goods & services providers have to report to the IT department about high value cash transactions & cash receipts.

Under the new norms, cash receipts, purchase of shares, mutual funds, immovable property, term deposits, sale of foreign currency will have to be reported to the tax authorities in a prescribed format, which is Form 61A.

Immovable Property : The Registrar of properties will have to report purchase & sale of all immovable property exceeding Rs 30 Lakh to the Income Tax authorities.
Professionals : The Professionals will be required to inform the tax department of receipt of cash payment exceeding Rs 2 lakh for sale of any goods or services.
Cash Deposits in Banks : Banks will have to report cash deposits aggregating Rs 10 lakh or more in a financial year in one or more accounts (other than Current Account / Time Deposit) of a person.
Term Deposits in Banks : Banks will have to report cash deposits aggregating Rs 10 lakh or more in a financial year in one or more Time Deposit accounts of a person (other than a time deposit made through renewal of another time deposit). These norms will also cover deposits and withdrawal made in Post Office Account.
Deposits in Current Accounts : Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities.
Any cash payment of Rs 10 lakh or more in a financial year for purchase of bank drafts or pre-paid instrument issued by RBI will also be reported.
Credit Card Bill Payments : If you make Credit Card bill payments of more than Rs 1 Lakh p.a in cash mode (or) Rs more than Rs 10 Lakh through Cheques / NEFT transfers etc.,
Investments in Financial Securities : A company has to report receipt of Rs 10 lakh or more from a person/an investor in a financial year for acquiring bonds, debentures, shares or mutual funds (other than the amount received on account of transfer from one scheme to another scheme of that Mutual Fund).
Cash Deposits during 9th Nov to 30th Dec, 2016 : Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to –
(i) Rs 12.5 Lakh or more, in one or more current account of a person (or)
(ii) Rs 2.5 Lakh or more, in one or more accounts (other than a current account) of a person.
In addition to the above list, quoting your PAN is now mandatory for many financial transactions. Based on this data also the IT department can track your financial transactions.