You may get a message like this from the Tax department. What does this mean?

Attention ABC PRIVATE LIMITED (PAN XXXXXXX90X), Income Tax Department has received information about certain high value financial transactions relating to FY 2020-21. Please view transactions under e-Campaign tab on Compliance Portal (CP) and remember to pay appropriate advance tax. Access CP by logging into e-filing portal and clicking on ‘Compliance Portal’ link under ‘My Account’ tab – ITD

What does this mean?

Nothing to worry about in this message. This is similar to Marketing campaign! The Tax department is sending email/sms to the taxpayers that they have received information from various sources such as GST or Bank about High Value transactions (like Sales declared in GST returns)

The objective of the campaign is to facilitate taxpayers to validate the information available with the tax department and pay applicable taxes. The above message is sent to prompt the taxpayers that ‘Look my dear friend, I have the details about your transactions; pay Advance Tax before the due date (15^th March 2021)”

What if the data in the IT records is wrong? Or doesn’t belong to you?

After accessing the details, if you disagree with the data/information, response can be submitted online for each transaction by choosing the options in the dropdown menu, like confirmed, corrected, other person/year, duplicate, etc.

Please follow and like us: