I just received a call from my cell phone no. And left a message to call back this is the IRS calling and for me to call back right away before they would take legal action. I called back and it was a strong Indian accent who answered and told me I owe such a big amount and that IRS will seize my assets from the bank and I will go to jail serving 5 years. This is ridiculous.

There is a widespread IRS or "tax scam" being  practiced by scammers on both Canadian and USA residents.
USA tax payers should read this:
http://www.irs.gov/uac/Newsroom/IRS-Reiterate ... -Telephone-Scam

Short answer:
The IRS never initiates a contact via phone.
They always send a snailmail first.

Educational post:
This scam is also described as scam #11, here:
http://phonehelp.2truth.com/facts.html

If you were contacted by an IRS impostor, you may file a report, after clicking on this link:
http://www.treasury.gov/tigta/contact_report_scam.shtml

Recorded message from "Officer Julie Smith" from the IRS. SCAM.

Scam...same as the others, the IRS calling and for me to call back right away before they would take legal action.

I just received the same call. My experience(though limited) is that IRS contacts by official notice(mail) and you call them. I just put in a complaint on the link provided from above link. Thanks for that.