The income tax department has sent SMSes to taxpayers on 29 March, related to mismatches between income tax returns (ITR) filed for Financial Year 2019-20 and high-value transactions. 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.
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.
Identified as high-value information under a new functionality called ‘Special Pilot Project (SPP)-Interest’, the account holders were told to clear “tax dues” by March 31. The Income Tax department had launched the pilot project to check for discrepancies in reporting interest income by taxpayers. Under the project, the department had asked banks to provide details of customers who had earned interest income of over Rs.5,000 in Assessment Year 2020-21.
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.
In case you have got this SMS, check your bank statement and other documents to see if there is any mismatch or not. In case there is no mismatch or partial mismatch you can reply on the compliance portal.
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