CBDT advisory on High Value Transactions in FY 2017-18

Have you  done High Value Transactions in F Y 2017-18  but haven’t filed ITR Yet? CBDT Advisory

Income Tax Department has issued an advisory stating that many persons who have done high-value transactions in F. Y. 2017-18, but not yet filed Income Tax Return for the corresponding Asst. Year 2018-19, have been identified.

Have You  Done High Value Transactions in F.Y. 2017-18  but haven’t filed  ITR Yet? HERE’S A CHANCE TO SEE THE ISSUE & RESPOND ONLINE

It has been further stated that for transparency and to reduce compliance cost of such persons, an online verification and response facility is available

Such Persons may ascertain their tax liability for FY 2017-18 and file their Income Tax Return (ITR) or submit online response within 21 days.

In case where no return is filed and no response is received, initiation of proceedings under the Income Tax Act, 1961 will be considered.    

User Guide and FAQs are provided under the “Resources” menu on Compliance Portal.

There is no need to visit Income Tax Office. Response is to be given Online Only

The assessees have been advised to submit online response in three simple steps:

Step-1 Login to Compliance Portal

Login to thee-filing portal (https:incometaxindiaefiling.gov.in) and click on the ‘Compliance Portal’ link available in ‘My Account’ to  navigate to Compliance portal (https://compliance.insight.gov.in)

Step-2 View Information details:

Information Details can be viewed under e-verification menu on the Compliance Portal

Step-3 Upload Return or  submit details

Upload the return one-filing portal after paying due taxes. If return is already filed, submit details under ‘Filing of Income tax return’ on Compliance Portal. In case you are not liable to file return, you may submit online response. You may keep the print out of submitted response for record