Income Tax Dept- Focus on Savings Bank Interest  & Fixed Deposit Intt. 

Since yesterday, March 28, 2021, many taxpayers have received the following SMS from the Internal Revenue Service:

IT Dept. asks tax payers to revise the returns for omission of Savings Bank & FD Interest as messages are sent over the weekend to comply and complete the response on IT portal.

Pay close attention. NISHIL CHAUHAN XXXX (XXXXX19XX12X), The Internal Revenue Service has found high-value data that does not seem to be compatible with the Income Tax Return for Assessment Year 2020-21. (relating to FY 2019-20). Please revise your ITR and request an online response through the Compliance Portal’s e-Campaign page (CP). Login in to the e-filing portal and select the ‘Compliance Portal’ connection from the ‘My Account’ or ‘Compliance’ tab – ITD is an acronym for “Intelligent

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Since the banks are closed until Tuesday, many taxpayers will be unable to confirm their interest income. The deadline for revising returns is March 31, 2021, which is just two days after receiving notice. We should assume or hope that the Internal Revenue Service can allow us more time to file Revise returns.

SEBI – Approved amendments in SEBI LODR Regulations Board Meeting

In addition, the 26AS Statement does not include interest income, which is included in the Compliance Portal. Every taxpayer must reconcile all interest income from Fixed Deposits and Savings Accounts from all banks. This will take more time, and filing updated returns in two days is virtually impossible.

To access the Compliance Portal, go to the IRS e-filing website and select Compliance and Confirm from the drop-down menu.

• This section is for submitting your response to the High-Value Transactions listed for Assessment Year 2020-21 based on an overview of your income tax return and details obtained from various sources (relating to FY 2019-20).
• Depending on the nature of the details, submitting a response could take up to 10 minutes.
• The information displayed could change in the future, depending on the department’s revision of the data obtained from the Reporting Entities.
• In the future, you will have the choice to amend your answer.