I have received e-campaign message on my mobile for high value transactions for fixed deposit interest and savings interest for FY20. I didn't know that interest on fixed deposit and savings are to be shown in the income tax return (ITR). One told me to pay self-assessment tax on " https://www.tin-nsdl.com/services/oltas/e-pay.html " and the askedme not to worry as many people have received this message and soon income tax department will be giving directions as to what needs to be done. Also, you may attempt to file a letter with the Tax Authorities to clarify your position, while acceptance of such a letter is at the discretion of the Tax Authorities. It may, however, be noted that, the tax authorities may initiate penalty proceedings as well at their discretion if they deem appropriate.

Source: Mint July 24, 2021 08:15 UTC