• E-Campaign - High value transactions, what to respond?

Hi,
I received an email from IT department about high value transactions regarding "Sale of securities and units of mutual fund" for AY 2022-2023. I have already reported the same in ITR and have also paid tax and return is also processed. 

When I viewed the information in AIS the only mismatch I found was "Cost of acquisition" of shares which they have taken it as ACTUAL based on year 2012/2013. But whereas in ITR I had calculated the cost of acquistion based on the price of shares on 31st January, 2018 which is the fair market value for LTCG calculations. 
Please let me know which option should I select to respond for this E-Campaign.

Thanks
Asked 1 month ago in Income Tax

Hello 

 

Happy New Year !!

 

This is system generated email sent to most of tax payers don’t worry if you had already filled your Itr and reported all transactions.

 

on E-campaign they are asking ITR FILLED OR NOT 

 

PLZ MARK AS FILLED 

Lalit Bansal
CA, Delhi
763 Answers
59 Consultations

5.0 on 5.0

On feedback page, under information details, Unit FMV and FMV amount gets reflected. Cross check such values  with the values shown in the ITR and file the reply accordingly. 

 

For detailed discussion, you may opt for phone consultation.

Vivek Kumar Arora
CA, Delhi
4556 Answers
681 Consultations

5.0 on 5.0

Dear sir,

 

In my opinion Income tax would never raise a high value transaction request because of incorrect cost.

 

Further, while filing Income tax return you need to mention both the things actual cost and value as on 31.1.18.

 

Thus, in my opinion if the cost taken by CBDT for purchase is correct you should accept it and in my experience CBDT never calculates capital gain.

 

Also, such messages were only for reminder and if you have shown everything you need not worry.

 

To read more click here: https://www.taxontips.com/taxpayers-receiving-notice-from-income-tax-department-for-high-value-information-not-appearing-in-income-tax-return/

 

Hope you find the information helpful, if yes do rate if 5 and provide your valuable feedback for my improvement.

Thank you.

Naman Maloo
CA, Jaipur
4108 Answers
76 Consultations

5.0 on 5.0

a) There is no need to rectify ITR as you have already captured the data reflecting in AIS.

b) Give bulk feedback with option "Information is correct". Ignore small differences.

Vivek Kumar Arora
CA, Delhi
4556 Answers
681 Consultations

5.0 on 5.0

Yes you can file rectification return. Such difference could be because of brokerage or any other expense charged by broker.

Naman Maloo
CA, Jaipur
4108 Answers
76 Consultations

5.0 on 5.0

Ask a Chartered Accountant

Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
  Ask a CA