Compliance Portal: Tax liability for Commodity transaction

A taxpayer can receive a notice/query from the ITD regarding their commodity transactions. Thus, taxpayers who receive an SMS or any communication via call or email from ITD are likely to face some verification issues in their ITRs. Hence, taxpayers can receive the SMS for three reasons:

  1. Not filed ITR or even if the ITR is not filed in an AY where there is a potential tax liability pending.
  2. Details provided by the taxpayer and information received by the ITD don’t match for that particular assessment year.
  3. Significant transactions get reported to the Income Tax department during a financial year which is considered abnormal or out of line with the profile of the taxpayer.
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Commodity transactions are similar to Securities transactions. Transactions that get settled in an alternate method than by actual agreed upon delivery are treated as Speculative transactions. Speculative transactions are exempted from tax. however, some Speculative transactions an eligible in respect of trading in commodity derivatives carried out in a recognized association, which is chargeable to commodities transaction tax is not considered a speculative transaction.

Business Income u/s 28 to 43C and Income from capital gains u/s 45 to 55A can be levied on commodity transactions.

Taxpayers who have received any such verification issue needs to submit a response on those issues raised. Additionally, this response has to be submitted online by logging into the compliance portal.

Verification issue in the computation of Commodity transactions’ tax liability

Code Description Response
A1 Total receipts as per taxpayer pertaining to the above information Amount
A2 Less: Amount relating to another year/PAN  PAN year-wise list
A3 Less: Amount covered in other information Amount
A4 Less: Exemption/Deduction/Expenditure/ Set off of Loss Exemption/Deduction wise list
A5 Income/Gains/Loss (A1-A2-A3-A4) Computed

A1- Total receipts:

The gross value of transactions in commodities should certainly be included and a final amount needs to be mentioned.

A2- Amount relating to other year or PAN:

 If part of the receipts relates to someone else’s PAN or is considered for some other year then the List of details of such receipts are to be mentioned as per the table below:

A3- Amount repeatedly covered:

 If any amount is mistakenly covered twice then it should be mentioned under the Remarks section of the previous table. Hence, this will nullify the repeated Income/Gains/Loss covered.

A4- Exemption/Deduction/Expenditure/Set off of loss:

This section has to include gross salary and a list of all the available allowances which are exempt. Therefore, the taxpayer needs to select the correct category from the drop-down list as under:

  • Cost of acquisition u/s 48.
  • Expenditure incurred wholly and exclusively in connection with transfer u/s 48.
  • Deductions from capital gains u/s 54EC/54EE/54F.
  • Set off of Loss.
  • Others.

The details are to be submitted as per the table mentioned below:

A5- Income/Gain/Loss:

This section includes the self-computation of commodity transactions chargeable to tax A5=(A1-(A2+A3+A4)). If your income computation exceeds the minimum of 2.5 lakh then you should file your ITR.

FAQs

How will the taxpayer come to know about pending e-verification?

If there are any e-Verification issues it will certainly be pushed to the compliance portal for e-verification. Additionally, Email and SMS will be sent to the taxpayer informing about the issue raised. Then, the taxpayers need to respond to those issues raised.

Is it necessary to Compliance Portal? What happens if I don’t log in?

Yes, it is certainly advisable to log in to the compliance portal. However, if a taxpayer doesn’t login he/she will not be able to respond to the issues raised.

What is an additional query request?

Upon examining the online response submitted by the taxpayer, ITD can raise an additional query request to seek further information/clarification from the taxpayer. And thereafter, the taxpayer needs to respond to the additional query request as well.

Compliance Portal: Tax liability from Investment in Securities

When a taxpayer earns any income through investment in securities they incur a tax liability for these transactions. This income can be considered as Business Income or Capital gains. This is determined depending upon the nature of security, nature of the transaction, the period of holding, etc. Some of such transaction types are mentioned below:

  • Speculative transactions: Transactions in which a contract for the purchase/sale of commodity or scripts is executed not by actual delivery but by an alternative method is treated as speculative transactions.
  • Business Income: Income generated by dealing in shares is treated as business income.
  • Long-term capital gain: Income generated from dealing in equity shares, equity-oriented mutual funds or units of a business trust that is exempt under section 10(38) provided the transaction is subjected to Securities Transaction Tax. Tax is chargeable @20% on other long-term capital gains. However, in the case of listed securities, tax can be paid @10% on gains computed without indexation. Short-term capital gain in such cases is chargeable @15%.
  • Short term capital gains: In case of other short-term capital gains, tax is leviable as per the regular income slabs.
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Taxpayers who receive an SMS or any communication via call or email from ITD are likely to face some verification issues in their ITRs. Taxpayers can receive the SMS for three reasons:

  1. Not filed ITR or The ITR is not filed in the given assessment year and has potential tax liability pending.
  2. Details provided by taxpayers and Information received to the ITD don’t match for that particular assessment year.
  3. Significant transactions get reported to the Income Tax department during a financial year which is considered abnormal or out of line with the profile of the taxpayer.

Taxpayers who have received any such verification issue needs to submit a response on those issues raised. The response has to be submitted online by logging into the compliance portal.

Verification issue in the computation of tax liability on Investment in securities

Code Description Response
A1 Total receipts as per taxpayer pertaining to the above information Amount
A2 Less: Amount relating to another year/PAN  PAN year-wise list
A3 Less: Amount covered in other information Amount
A4 Less: Exemption/Deduction/Expenditure/ Set off of Loss Exemption/Deduction wise list
A5 Income/Gains/Loss (A1-A2-A3-A4) Computed

A1- Total receipts:

Any gross value of the transaction in securities should be included and a final amount should be mentioned.

A2- Amount relating to other year or PAN:

 If part of the gross receipts relates to someone else’s PAN or is considered for some other year then the List of details of such receipts are to be mentioned as per the table below:

A3- Amount repeatedly covered:

 If any amount is mistakenly covered twice then it should be mentioned under the Remarks section of the previous table. This will nullify the repeated Income/Gains/Loss covered.

A4- Exemption/Deduction/Expenditure/Set off of loss:

This section has to includes a list of all the available allowances which are exempt. The taxpayer needs to select the correct category from the drop-down list as under:

  • Exempt Long-term Capital Gain on shares u/s 10(38)
  • Cost of acquisition u/s 48.
  • Expenditure incurred wholly and exclusively in connection with transfer u/s 48.
  • Deductions from capital gains 54EC/54EE/54F
  • Set off of Loss
  • Others

The details are to be submitted as per the table mentioned below:

A5- Income/Gain/Loss:

This section includes the self-computation of securities transactions chargeable to tax A5=(A1-(A2+A3+A4)). If your income computation exceeds the minimum of 2.5 lakh then you should file your ITR.

FAQs

Is it necessary to login to Compliance Portal? What happens if I don’t log in?

Yes, it is advisable to log in to the compliance portal. If a taxpayer doesn’t log in he/she will not be able to respond to the issues raised.

What are the different types of transactions in securities?

Speculative transactions: Transactions in which a contract for the purchase/sale of commodity or scripts is executed not by actual delivery but by an alternative method is treated as speculative transactions.
Business Income: Income generated by dealing in shares is treated as business income.
Long-term capital gain: Income generated from dealing in equity shares, equity-oriented mutual funds or units of a business trust that are exempt under section 10(38) provided the transaction is subjected to Securities Transaction Tax. Tax is chargeable @20% on other long-term capital gains. However, in the case of listed securities, tax can be paid @10% on gains computed without indexation. Short-term capital gain in such cases is chargeable @15%.
Short term capital gains: In case of other short-term capital gains, tax is leviable as per the regular income slabs.

What is an additional query request?

Upon examining the online response submitted by the taxpayer, ITD can raise an additional query request to seek further information/clarification from the taxpayer. The taxpayer needs to respond to the additional query request as well.

How will the taxpayer come to know about pending e-verification?

If there are any e-Verification issues it will be pushed to the compliance portal for e-verification, Email and SMS will be sent to the taxpayer informing about the issue raised. Taxpayers then need to respond to those issues raised.

Compliance Portal: Tax liability on Expenditure

A query by the ITD may be raised on expenditures like family functions, foreign travel, foreign education, expensive hotels/restaurants, etc. These are some expenses where income gets utilized. The taxpayers who have spent a significant amount on such expenditures have to quote their PANs in such transactions. Some of the above-mentioned expenses are to be reported as well through AIR or SFT. Expenditures are an indicator of assessee’s lifestyle and standard of living. Any unexplained expenditure can also be deemed to tax in hands of the assessee for that Financial Year.

Taxpayers who receive an SMS or any communication via call or email from ITD are likely to face some verification issues in their ITRs. Taxpayers can receive the SMS for three reasons:

  1. Not filed ITR or The ITR is not filed in the given assessment year and has potential tax liability pending.
  2. Details provided by taxpayers and Information received to the ITD don’t match for that particular assessment year.
  3. Significant transactions get reported to the Income Tax department during a financial year which is considered abnormal or out of line with the profile of the taxpayer.

Taxpayers who have received any such verification issue needs to submit a response on those issues raised. The response has to be submitted online by logging into the compliance portal.

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Verification issue in the computation of tax liability from Expenditure

Code Description Response
A1 Correct Information Value Amount + Remarks
A2 Out of earlier income or savings Amount + Remarks
A3 Out of receipts exempt from tax Exempt income-wise list
A4 Received from identifiable persons (without PAN) PAN wise list
A5 Received from identifiable persons (without PAN) Person wise list 
A6 Received from un-identifiable persons Nature of transaction wise list 
A7 Others Amount + Remarks
A8 Unexplained amount A1- (A2+A3+A4+A5+A6+A7)

A1- Correct Information value

The total of all the amount paid for the purchase of the property has to be mentioned here. The purchase amount and all the expenses like stamp duty etc. In the case of co-ownership, the taxpayer should mention his/her share of investment and give details like name, PAN and share of other co-owners under the remarks section.

A-2 Out of earlier income or savings

If any part of the investment or expenditure is made out of earlier income or savings then it should be mentioned with the amount under this category. Suitable remarks are also required under the remarks section.

A3- Out of receipts exempt from tax

Available exemptions are listed below in the drop-down list. After choosing the relevant exemption the value of the receipt will be determined.

  • Interest income u/s 10.
  • Dividend income u/s 10(34)
  • Long-term capital gains on shares u/s 10(38).
  • Agricultural income u/s 10(1).
  • Share in the total income of firm/AOP etc. u/s 10(2A)
  • Income is not taxable in India.
  • Others

If this field is selected you will be displayed the following rows:

A4- Received from identifiable persons (with PAN)

If any amount is received from an identifiable person who holds a valid PAN, then his/her details are to be mentioned as per the following table:

The Transaction Type consists of:

  • Sales
  • Loan Received
  • Loan Repayment
  • Gift Received
  • Donation Received
  • Other Receipt.

The Transaction Mode consists of two options i.e ‘Cash’ and ‘Non-cash’. More rows can be added by clicking on the button ‘Add Row’. Suitable remarks are to be provided under the remarks section.

A5- Received from identifiable persons (without PAN)

If any amount is received from an identifiable person who doesn’t hold a PAN, then his/her details are to be mentioned as per the following table:

A6- Received from un-identifiable person

If any amount is received from an unidentifiable person, then his/her details are to be mentioned as per the following table:

A7- Others

If any amount which was not covered in any of the above-mentioned categories then it should be mentioned here. Suitable remarks are to be provided under the remarks section.

A8- Unexplained amount

This section computes a figure (A1 – (A2+A3+A4+A5+A6+A7)), for which no explanation is provided.

FAQs

Is it necessary to login to Compliance Portal? What happens if I don’t log in?

Yes, it is advisable to log in to the compliance portal. If a taxpayer doesn’t log in he/she will not be able to respond to the issues raised.

What is an additional query request?

Upon examining the online response submitted by the taxpayer, ITD can raise an additional query request to seek further information/clarification from the taxpayer. The taxpayer needs to respond to the additional query request as well.

How will the taxpayer come to know about pending e-verification?

If there are any e-Verification issues it will be pushed to the compliance portal for e-verification, Email and SMS will be sent to the taxpayer informing about the issue raised. Taxpayers then need to respond to those issues raised.

e-Campaign History : Compliance Portal

The Compliance Portal uses the campaign management approach to contact taxpayers for online submission of response. They will contact the taxpayers via e-Mail, SMS, phone calls, notices and letters to visit the compliance portal and submit reponse against the identified issues. The taxpayers will be able to access the interactions sent to them under the e-Campaign tab in the compliance portal.

Steps to View History Under e-Campaign in Compliance Portal

Hence, by selecting the particular year, you can view the e-Campaign history.

FAQs

1. How can I view non-Filing of return case for each related information?

  • Login to the e-Filing portal
  • Click on My Account > Compliance
  • Click on the e-Verification tab
  • Click on the view option against each case
  • Click on the view option against each issue
  • If additional information request is at issue level then follow the next step and if additional information request is for a related information then follow the last step
  • Select additional information request and click on “View
  • Click on the view option against the related information and select the additional information request and click on “View

2. How can I download a copy of previous responses?

Once you check for response history, the PDF of previous responses is available for download. You can download the response as a PDF file.

3. What is a response history?

It is the history of all the responses received from the taxpayer.

Compliance Portal: Information Confirmation for Non-Filing of Return

Taxpayers need to submit a confirmation response for their filing/non-filing of ITR. Transactions of the taxpayer who have not filed return of income for a specific assessment year and have the potential tax liability or who are under obligation to file a return of income, are displayed for feedback. Hence, the e-Campaign intends to examine whether the identified person who has not yet filed a return of income in the particular assessment year is liable to file the same.

Therefore, after navigating to the e-Campaign Non-Filing of Return, you can submit the response on filing of income tax return by following the below given steps.

Steps to Submit confirmation Response on Filing of ITR

  1. Go to the response column in the compliance portal

    Under the response column, the drop-down list will provide the following options:
    – ITR has been filed
    – ITR has not been filed

  2. If the option selected is “ITR has been filed,”

    You need to provide the following information:
    – Mode of Filing
    – Date of Filing
    – Acknowledgment Number
    – Circle/Ward and City (only if mode of filing is paper filed)

  3. If the option selected is “ITR has not been filed

    Then the next step is to provide one of the following reasons, using the drop-down list:

  4. If Option selected is “Return under preparation

    If the return is under preparation and could not be filed so far because of any reason, the taxpayer should select this option and then submit it.

  5. If Option selected is “Not liable to file return of income

    When the taxpayer claims that he is not liable to file a return of income, this option should be selected by clicking the submit option.

  6. Thus, after submitting the response on filing of Income Tax Return (ITR), taxpayer needs to click on “Back” option.

    This will navigate the taxpayer to e-Campaign – Non filing of return screen. To complete the response, taxpayer needs to submit the feedback against the information by clicking “Information Confirmation.”

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FAQs

How do I respond to Income Tax Compliance?

You can view the notice and post a reply in the section “View and Submit Compliance.” Under the “View and Submit Compliance” tab, you will find a “Filing of Income Tax return” option through which you can provide the response related to ITRs. You can either choose: “ITR has been filed” or “ITR has not been filed”.

What happens if I don’t respond to the notice within 30 days?

In case, no response is received within 30 days of the issue of this intimation, the return of income will be processed after making the necessary adjustment(s) u/s 143(1)(a) of Income Tax Act, 1961 without providing any further opportunities in this matter.

What is compliance portal in Income Tax?

The identified non-filers are informed by SMS, e-mails, and letters in batches. In case a notice is issued, the assessee can view detailed information on the income tax e-Filing portal by logging into the account. You can also file a response on the portal.

Compliance Portal: Information Summary

The transactions reported to the Income Tax Department (ITD) during a Financial Year that are considered not in line with the profile of the taxpayer based on pre-defined rules are displayed to the taxpayer for feedback. These will be visible in the form of Information Summary.

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Steps to View Information Summary on Compliance Portal

  1. Visit the Compliance Portal

    Log in using valid credentials

  2. Click on the e-Campaign option from the landing page post login.

    As seen below:

  3. Click on the Financial Year under “Significant Transactions

  4. Next, an advisory message will pop up on the screen.

    Click on the “Ok” option to view the Information Summary.

  5. Hence, the taxpayer can view the information available for submission of response.

    To view details of the information, the taxpayer needs to click on the “>” option to view the information detail.

FAQs

How do I respond to Income Tax compliance?

You can view the notice and post a reply in the section “View and Submit Compliance.” Under the ‘View and Submit Compliance’ tab, you will find a “Filing of Income Tax return” option through which you can provide the response related to ITRs. You can either choose: ‘ITR has been filed’ or ‘ITR has not been filed’.

What happens if I don’t respond to the notice within 30 days?

In case, no response is received within 30 days of the issue of this intimation, the return of income will be processed after making necessary adjustment(s) u/s 143(1)(a) of Income Tax Act, 1961 without providing any further opportunities in this matter.

How do I submit an online response to a compliance portal?

1. Login to your compliance portal account
2. Click on the e-Verification tab
3. Click on View button against the case
4. Select and submit the response

Compliance Portal: Confirmation Response

Certain transactions reported to the Income Tax Department (ITD), in an FY, are displayed to the taxpayer for a confirmation response. These transactions are considered not in line with the profile of the taxpayer based on pre-defined rules. The options of feedback are mentioned under the e-Campaign option under the Compliance Portal home page.

Hence, after navigating to the Information Detail of a particular Information Summary, the taxpayer will be given the following 5 options for feedback. Moreover, the taxpayer will be able to select only one of the available options for submitting the feedback for the particular information detail:

  • Information is correct
  • Information is not fully correct
  • Information relates to other person/year
  • Information is duplicate/included in other displayed information
  • Not aware of the information

Hence, the taxpayer can view the rationale of the feedback option by clicking the “i” option on the screen. The following table shows the interpretation of different colors/icons displayed against each information:

Types of Confirmation Response

Confirmation Response: Information is Correct

Upon selecting this option, the taxpayer will receive a pop-up message for confirmation of the selection of this particular option. After clicking on the “Ok” option, the taxpayer can view the submitted response. A taxpayer can perform the below-mentioned activities on this screen.

  1. Taxpayer can click on “View Response” hyperlink to view the submitted response as displayed:

Hence, upon clicking the “View Response” option, the taxpayer can view the response submitted by them.

  1. Taxpayer may change the submitted response by clicking on the hyperlink “Change Response” as displayed:

Confirmation Response: Information is not Fully Correct

The taxpayer can select this option in case the information belongs to the taxpayer but all the attributes of the information are not correct. While choosing this option, the taxpayer is expected to provide correct information as per his/her records.

After submitting the response, taxpayers can view the submitted response. Therefore, there 2 activities the taxpayers can perform after submitting the response which are:

  • View response
  • Change response

Confirmation Response: The Information Relates to other Person/Year

The taxpayer can select this option in case the taxpayer is aware of the information, but does not belong to him completely. For example, such instances may arise due to joint ownership of property or joint holding of accounts or other assets. While choosing this option taxpayer is expected to provide correct and complete information of other person to whom the information pertains. (PAN, relationship, FY, etc)

After submitting the response, taxpayers can view the submitted response. Therefore, there 2 activities the taxpayers can perform after submitting the response which are:

  • View response
  • Change response

Confirmation Response: Information is Duplicate/Included in other Displayed Information

The taxpayer will select this option in case the information displayed is already included in any other information or it may be a duplicate information. Taxpayer needs to select the duplicate information and click on the submit option.

After submitting the response, taxpayers can view the submitted response. Therefore, there 2 activities the taxpayers can perform after submitting the response which are:

  • View response
  • Change response

Confirmation Response: Not Aware of the Information

In case the taxpayer is not aware of the information displayed, option E may be selected for submission of feedback response.

After submitting the response, taxpayers can view the submitted response. Therefore, there 2 activities the taxpayers can perform after submitting the response which are:

  • View response
  • Change response
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FAQs

How do I respond to Income Tax Compliance?

You can view the notice and post a reply in the section “View and Submit Compliance.” Under the “View and Submit Compliance” tab, you will find a “Filing of Income Tax return” option through which you can provide the response related to ITRs. You can either choose: “ITR has been filed” or “ITR has not been filed.”

What is compliance portal in Income Tax?

The identified non-filers are informed by SMS, e-mails, and letters in batches. In case a notice is issued, the assessee can view detailed information on the income tax e-Filing portal by logging into the account. You can also file a response on the portal.

What happens if I don’t respond to the notice within 30 days?

In case, no response is received within 30 days of the issue of this intimation, the return of income will be processed after making necessary adjustment(s) u/s 143(1)(a) of Income Tax Act, 1961 without providing any further opportunities in this matter.

Compliance Portal: Non-Filing of Return

A taxpayer might receive a query for non filing of return if skip filing their ITR for a certain AY. However, transactions of the taxpayer who have not filed return of income for a specific assessment year and have potential liability or who are under obligation to file return of income, are displayed for feedback. Therefore, the e-Campaign is intended to examine whether the identified person who has not yet filed the return of income for the assessment year is liable to the same.

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Steps to Access Non-Filing of Return on Compliance Portal

  1. Click on the e-Campaign portal option.

    After logging into the compliance portal,

  2. Thereafter, click on the “Non-Filing of Return” option

    Choose from the options given in the next page.

  3. Next click on the Financial Year of the “e-Campaign, Non-Filing of Return

    The following options will be displayed:
    – Response on Filing of Income Tax Return
    – Information Confirmation

FAQs

How do I respond to Income Tax Compliance?

You can view the notice and post a reply in the section “View and Submit Compliance.”
Once you click on the section you will have the option of “Filing of Income Tax return”. You can use this option to provide a response related to ITRs. You can either choose: “ITR has been filed” or “ITR has not been filed.”

What happens if I don’t respond to the notice within 30 days?

In case, no response is received within 30 days of the issue of this intimation, the return of income will be processed after making necessary adjustment(s) u/s 143(1)(a) of Income Tax Act, 1961 without providing any further opportunities in this matter.

How do I submit an online response to a compliance portal?

Follow the below steps:
1. Login to your compliance portal account
2. Click on e-Verification tab
3. Click on View button against the case
4. Select and submit the response

Compliance Portal: Accessing e-Campaign

The compliance portal enables e-verification for the display of compliance issues and related information and capturing response on such issues. The compliance portal uses the campaign management approach to contact taxpayers for online submission of response. It will contact the taxpayers via e-Mails, SMS, phone calls, notices, and letters to visit the compliance portal and submit the response against the identified issue.

Steps to Access e-Campaign on Compliance Portal

  1. Visit the Compliance portal

    Log in using valid credentials.

  2. You will be redirected to the Income Tax e-Filing portal. If you already have an account, click on “Login Here”.

    If not, click on the “Register Yourself” option.

  3. After logging in, click on the My Account

    Choose the Compliance Portal option.

  4. Then, you will be redirected to the landing page of the compliance portal post log in.

    It looks like this:

  5. Finally, click on the e-Campaign option.

    And you can access it from there.

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FAQs

How do I respond to Income Tax compliance?

You can view the notice and post a reply in the section “View and Submit Compliance.” Under the ‘View and Submit Compliance’ tab, you will find a “Filing of Income Tax return” option through which you can provide the response related to ITRs. You can either choose: ‘ITR has been filed’ or ‘ITR has not been filed’.

What happens if I don’t respond to the notice within 30 days?

In case, no response is received within 30 days of the issue of this intimation, the return of income will be processed after making necessary adjustment(s) u/s 143(1)(a) of Income Tax Act, 1961 without providing any further opportunities in this matter.

How do I submit an online response to a compliance portal?

– Login to your compliance portal account
– Click on e-Verification tab
– Click on View button against the case
– Select and submit the response

Compliance Portal: Information Detail

You can access your information detail on the compliance portal. The transactions reported to the Income Tax Department (ITD) during a Financial Year that are considered not in line with the profile of the taxpayer based on pre-defined rules are displayed to the taxpayer for feedback. These will be visible in the form of Information Summary.

Hence, once you navigate through to the Information Summary, you can also view the details of the particular information summary.

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Steps to View Information Detail on Compliance Portal

  1. Login to the Compliance portal and

    Navigate through to the Significant Transactions tab.

  2. Click on the “>” arrow to view the details

    As seen below:

  3. Once you are viewing the particular information summary, click on the “>” option to view the Information Details

    As seen below:

  4. The interpretation of the different colors/icons displayed against each information is given.

    As seen below:

FAQs

What are the different types of feedback options the taxpayer can submit?

1. Information is correct
2. Information is not fully correct
3. Information relates to other person/year
4. Information is duplicate/included in other displayed information
5. Not aware of the information

What happens if I don’t respond to the notice within 30 days?

In case, no response is received within 30 days of the issue of this intimation, the return of income will be processed after making necessary adjustment(s) u/s 143(1)(a) of Income Tax Act, 1961 without providing any further opportunities in this matter.

How do I submit an online response to a compliance portal?

1. Login to your compliance portal account
2. Click on the e-Verification tab
3. Click on View button against the case
4. Select and submit the response