What to do if you get the transactions reported by you in Form 60/61 relating to FY 2021-22 SMS from the Income Tax department?
This article shows you what do do if you receive this cryptic SMS from the income tax department.
What to do if you get the transactions reported by you in Form 60/61 relating to FY 2021-22 SMS from the Income Tax department?
Posted on 10 Aug 2023
Author: Sayan Sircar
7 mins read
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This article shows you what do do if you receive this cryptic SMS from the income tax department.
📚 Topics covered:
- What is the news?
- Is this a genuine SMS message or a phishing attempt?
- What does the message mean?
- What is Form 60/61?
- What should you do now after receiving this message?
What is the news?
A lot of tax-payers have been getting this SMS from a short-code like “CP-CMCPCI” that looks like this:
Attention «Tax Payer Name», Income Tax Department has received information about certain transactions reported by you in Form 60/61 relating to FY 2021-22. It is requested that if you are not in occupation of a PAN Number, the same may be applied in Form 49A immediately or else, the PAN Number should be submitted to the Reporting Entity within 15 days from the campaign execution date. - Income Tax Department
There are two questions here that the message receivers have that need to be answered:
- is this a genuine message?
- what should they do next?
We will discuss the answers to both questions one by one.
Is this a genuine SMS message or a phishing attempt?
The list published by the Economic Times here, shows that the message is from a legitimate source.
The tax payer just needs to check that their SMS application shows the sender name as “XY-CMCPCI” or a similar valid id from the ET list.
After establishing the genuineness of the message, let us break down the contents.
What does the message mean?
We will now look at the message in parts.
about certain transactions reported by you in Form 60/61 relating to FY 2021-22
This means that the SMS receiver reported some of their transaction in FY 2021-22 which is the period 1st April, 2021 to 31st March, 2022 using Form 60/61. Such an individual can do one of two things:
the same may be applied in Form 49A immediately
If the receiver does not have a PAN number, a new PAN card application may be done using Form 49A as soon as possible or,
PAN Number should be submitted to the Reporting Entity within 15 days
if PAN number is already there, the receiver should submit the same to the reporting entity within 15 days of receiving the SMS.
We will further break this down.
What is Form 60/61?
If an individual does certain financial / high-value transactions, they must have a valid PAN number which must be quoted along with the transaction. A classic example is buying mutual funds, property, FD etc. above certain thresholds.
This list is compiled from the official income tax website:
- Sale or purchase of a motor vehicle or vehicle other than two wheeled vehicles.
- Opening an account [other than a time-deposit referred at point No. 12 and a Basic Savings Bank Deposit Account] with a banking company or a co-operative bank
- Making an application for issue of a credit or debit card.
- Opening of a demat account with a depository, participant, custodian of securities or any other person with SEBI
- Payment in cash of an amount exceeding Rs. 50,000 to a hotel or restaurant against bill at any one time.
- Payment in cash of an amount exceeding Rs. 50,000 in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time.
- Payment of an amount exceeding Rs. 50,000 to a Mutual Fund for purchase of its units
- Payment of an amount exceeding Rs. 50,000 to a company or an institution for acquiring debentures or bonds issued by it.
- Payment of an amount exceeding Rs. 50,000 to the Reserve Bank of India for acquiring bonds issued by it.
- Deposits of cash exceeding Rs. 50,000 during any one day with a banking company or a co-operative bank. Also, deposits of cash aggregating to more than Rs. 2,50,000 during the period of 09th November 2016 to 30th December 2016 with a banking company, cooperative bank or post office.
- Payment in cash for an amount exceeding Rs. 50,000 during any one day for purchase of bank drafts or pay orders or banker's cheques from a banking company or a co-operative bank.
- A time deposit of amount exceeding Rs. 50,000 or aggregating to more than Rs. 5 lakh during a financial year with a banking company or a co-operative bank, a Post Office, a Nidhi referred to in section 406 of the Companies Act, 2013 or a non-banking financial company
- Payment in cash or by way of a bank draft or pay order or banker's cheque of an amount aggregating to more than Rs. 50,000 in a financial year for one or more pre-paid payment instruments, as defined in the policy guidelines for issuance and operation of pre-paid payment instruments issued by Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 to a banking company or a co-operative bank or to any other company or institution.
- Payment of an amount aggregating to more than Rs. 50,000 in a financial year as life insurance premium to an insurer
- A contract for sale or purchase of securities (other than shares) for amount exceeding Rs. 1 lakh per transaction
- Sale or purchase, by any person, of shares of a company not listed in a recognised stock exchange for amount exceeding Rs. 1 lakh per transaction.
- Sale or purchase of any immovable property for an amount exceeding Rs. 10 lakh or valued by stamp valuation authority referred to in section 50C of the Act at an amount exceeding ten lakh rupees.
- Sale or purchase of goods or services of any nature other than those specified above for an amount exceeding Rs. 2 lakh per transaction.
If PAN number is not present, then either Form 60 or Form 61 is to be filled and submitted instead of the PAN number under rule 114B of the Income Tax act:
- Form 60 is to be filled for any individual performing the above financial transactions without having a PAN number
- Form 61 is to be filled if an individual has only agricultural income, and no other income source, and want to perform these transactions
The SMS therefore says that:
- the receiver performed such transactions in FY 2021-22 without having a PAN number
- they should now apply for PAN number immediately or, if they have a PAN number now resubmit the PAN to the financial institution within the next 15 days
The confusion here could be because many receivers have not performed any such transaction where they have submitted Form 60/61 in the period FY 2021-22.
What should you do now after receiving this message?
If you are correctly identified
If the SMS is applicable to you, the next steps are clear: apply for PAN number or update the PAN where you did the transaction.
If the SMS does not apply to you
This is a likely glitch since social media is flooded with many such messages from confused tax payers. One option could be checking the Pending Actions section in the Income Tax website. If there is nothing there, please check bank statements and speak to family about easily overlooked transactions like FD, jewellery purchase, cash deposit etc.
If still nothing is found, wait a while longer for further clarification from the Income Tax department.
Related Articles
- Frequently asked questions on Tax Deducted at Source (TDS): the complete guide
- What should NRIs do if your PAN has become inoperative?
- Which mistakes in tax-proof submission that can make you lose your HRA exemption?
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This post titled What to do if you get the transactions reported by you in Form 60/61 relating to FY 2021-22 SMS from the Income Tax department? first appeared on 10 Aug 2023 at https://arthgyaan.com
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