• High value transaction email from Income tax

I am derivative trader and my turnover is very high because I do scalping i.e. existing with small profit or loss 
So my turnover is very high 
Last year I have file return and it proceed successfully and received some refund .
Now yesterdays I received email from Income tax dept. for high value transactions 
*******************************************************************************
e-Campaign - High Value Transactions for AY 2020-21 - XXXXX4405X 

Why are you receiving this communication?

We appreciate that you have filed your Income Tax Return and contributed towards the progress of Nation. However, the Income Tax Department has received information on high value transactions relating to XXXXX4405X for Financial Year 2019-20. On the basis of data analysis, the Income Tax Department has identified following high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 (relating to FY 2019-20):

Sale/transfer of derivatives-[deleted].5
Purchase/transfer of derivatives-[deleted].5
*********************************************************************************************************
I discussed with my CA .She is saying we need to validate 22000 transaction manually o confirm the above figure .
It is very difficult to do this kind of excersics .Is there any other way to do it ....
Or any other solution
Asked 3 years ago in Income Tax

Hi

 

You can download statement from your broker in an excel sheet and match the data.

 

Due to website restrictions, amounts have been deleted. Kindly contact personally to discuss the issue further.

Lakshita Bhandari
CA, Mumbai
5687 Answers
910 Consultations

5.0 on 5.0

- Download P&L and transaction report from Demat Account. In case of derivatives, contract is squared up by margin money. Purchase and sell value of contract doe not an account. Exercise will take time but it is not difficult to do matching. I can assist you in case you need assistance.

Vivek Kumar Arora
CA, Delhi
4840 Answers
1037 Consultations

5.0 on 5.0

Hello,

 

You can download the transaction statement and P&L report from the broker's website in excel format. This would help in matching the data.

For a detailed resolution of your query, you can contact us directly or take a phone consultation.

 

Regards,

CA Hunny Badlani

Hunny Badlani
CA, Madhya Pradesh
2608 Answers
16 Consultations

5.0 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

You can download the same and match the date.

 

We may assist you in entire procedure.

 

It is advisable to take a phone consultation for detailed discussion. 

Payal Chhajed
CA, Mumbai
5188 Answers
289 Consultations

5.0 on 5.0

Hi

 

You can download excel sheet of p&l & transaction statement & match the data.

 

Please have a phone consultation for details discussion.

Karishma Chhajer
CA, Jodhpur
2450 Answers
29 Consultations

5.0 on 5.0

You can read this for more answers: https://www.taxontips.com/received-compliance-notice-for-doing-high-value-share-transaction/

 

It's a common thing.

Naman Maloo
CA, Jaipur
4272 Answers
97 Consultations

5.0 on 5.0

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