Relief u/s 90 is available and claimed while filing the return of income in India. Further, taxes paid in foreign country to be claimed in India are known as Foreign Tax Credit (FTC). To claim FTC, form 67 is required to be furnished by the taxpayer.
If you have filed Form 67 and claimed Credit for taxes paid in foreign country, then you may disagree with the demand and submit response to the notice accordingly.
e-Assessment Scheme is a process for faceless scrutiny of Income Tax Returns. It eliminates physical interference between the taxpayer and the assessing officer.
All communication between the Income Tax Department(ITD) and the taxpayer will happen electronically. All internal communication within the ITD for a particular case will happen electronically.
Dear Quicko Team- I have received below msg from income tax dept could you suggest the forward way so that i can purchase a plan for clear below issue.
Attention Vijendra(PAN XXXXXXXX5X)
Income Tax Department has identified certain high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2021-22 (relating to FY 2020-21). You can view the information on compliance portal. Please revise ITR / submit online response under e-Campaign tab on Compliance Portal. If the information has been correctly accounted for in ITR, you may ignore this message. Access Compliance Portal after login to the e-filing Portal (https://www.incometax.gov.in), go to “Pending Actions” tab, click on “Compliance Portal” and select “e-Campaign (AY 2021-22 onwards)”. On Compliance Portal, under e-Campaign list, view campaign type ‘High Value Transactions’. - ITD
Hi @Vijendra_bhade, if you have correctly filled the information you can ignore the message. If you feel that there are discrepancies between your filed return and the actual information you can revise it by the end of day today i.e. 31st March 2022. Let me know if you have any other queries, would love to help.
i am a full time intraday trader in nse cash equity fno .
i have made a profit of 15 lakhs in the year .
what could happen if i forget to file the returns , intentionally ; to “not to pay” the income tax .
and think , if the taxman comes to know then i’ll pay it and if no one comes to know then i saved the money by forgetting to “not paying” the tax ?
Income from Intraday Trading is a speculative business income as per Income Tax. It is mandatory to file the ITR is your total income is more than basic exemption limit. The ITD has all your trading data and if you do not file the ITR, you will receive a notice from the income tax department. When you file the ITR in response to such notice, the AO has an authority to impose penalty in addition to the tax liability.
You can read more about ITR filing, its pros and cons here
My daughters are NRIs having NO domestic income. During FY 2021-22, they jointly purchased a flat to be constructed at a total cost of Rs.48 lakh in Hyderabad for which they had received a notice for non-filing of IT Return for AY 2022-23. Whether they need to file the ITR and if so in which form? If not, how to reply to the notice in IT compliance portal?
Since there is just a purchase of property and no sale is involved, there is no need to file ITR.
However, you can still consult a tax expert by booking a MEET to respond to the IT Notice.
Scrutiny means a detailed assessment of your ITR. The process is carried out to verify the claims, deductions, etc., made by the taxpayer in the return of income.
Yes, the faceless facility for income tax appeals has now been introduced by the income tax department. And if required the Assisted officer (AO) can ask you to be physically present for a detailed examination related to some exceptional cases.