About e-campaign

Dear Sir,

Hope you are doing well !!

You can submit the online response for the same.

As part of its data matching exercise, Income Tax Department has identified bank accounts which have large value cash transactions. The information relating to cash deposits will be displayed to the PAN holder in the e-filing portal (after log in).  The details of bank account are visible under “Compliance” section of the e-filing portal of the related persons. PAN holders can submit the on-line response as under:

Step 1: Login to e-filing portal at https://incometaxindiaefiling.gov.in. If you are not registered with the e-filing portal, use the ‘Register Yourself’ link to register.

Step 2: Click on “Accounts with Cash Transactions” link under “Compliance” section and you will be directed to the “Bank/Financial Account(s) with substantial Cash Transactions” page.

S3: View the details of the bank account related to you

Step 4: Submit online response and keep acknowledgement for record.

We have handled such cases before.

We may assist you in entire procedure.

It is advisable to take a phone consultation for detailed discussion. 

Hi

 The transactions done in the high denomination is known as high value transactions. All high value transactions are tracked closely by the Income Tax department. It is mandatory to report all high value transactions in the prescribed format by the banks and all other financial institutions. The prescribed format is called as a Form 61A or Annual Information Return (AIR). Any mismatch found in Income reported in ITR vs investment/expenditure may lead to Income tax notice. So, you need to be very careful while doing financial transactions.

Hi

Perform the following steps to reply on such notice:
https://incometaxindiaefiling.gov.in, submit on-line response

Step 1 Logon to 'e-Filing' Portal www.incometaxindiaefiling.gov.in
Step 2 Go to the 'Compliance' menu located at upper-right side of the page ⇒ Click 'Non-PAN Transaction'
Step 3 Enter the 'Transaction Sequence Number' (TSN) ⇒ Click Search
Step 4 Click 'Submit to View further details'
Step 5 Choose the correct response mentioned under 'Submit Response' options ⇒ Click Submit
Step 6 To check the status of the submitted response, Go to the 'Compliance' menu located at upper-right side of the page ⇒ Click 'View

Response to Non-PAN Transaction' ⇒ Click 'TSN' ⇒ Click 'Click here to download the PDF' Pdf file will get download at your desktop, open the file to view the status.

Sir it can't be answered so simply.

I need to see what income tax return you have filed. What questions have been raised and what options we are getting to answer.

I would advice you to take a phone consultation and discuss this further.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Sir 

It is necessary to know mode of generation of cash. If it’s through legitimate things transaction which are permissible and income has been offered to tax then you may give exact reason. Also you can say that all income is offered to tax. 

- The reply would depend after taking into consideration many factors. It is advisable to take personal consultation.

Hi

Please check on the e-campaign tab of compliance portal as to what high value transactions have been reported. The reply has to be made accordingly.

Hello,

The option for reply would depend upon the details of the high-value transactions. Advisable to take a phone consultation.

Regards,

CA Hunny Badlani

Hi

It is advisable to take a phone consultation for more details.