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News INCOME TAX

  • Apr 01, 2021
  • Got tax dept SMS on high value transaction mismatch? Here is how to deal with it

    The income tax department has sent SMSes to taxpayers on 29 March, related to mismatches between income tax returns (ITR) filed for FY2019-20 and high-value transaction. The department has asked taxpayers to either file a revised ITR by today or reply to the query on the compliance portal by 31 March.

    Three of the chartered accountants Mint spoke to confirmed that their clients have received such SMSes from the tax department.
    Tarun Kumar, a Delhi-based chartered accountant, said some of his clients have received this SMS. “The SMS has caused panic among taxpayers as the deadline to reply is very shorthand as 31st March is the last date to file a revised return. Taxpayers effectively had two days to reply or file revised returns. It will be difficult for people to do it without professional help."