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
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 2 years ago in Income Tax
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.
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.
Dear Sirs, After cross checking with my capital gains statement and AIS I found few things 1) In schedule 112A I have entered total shares sold in the year and its average selling price for each ISIN. Whereas in AIS they have given line entry for each sale date wise. But I have paid taxes correctly for the whole sale of shares. 2) There is mismatch between AIS reported selling price and my actual selling price by about 2-3% Now there is no option in AIS feedback to say it is "Partially correct", maybe because ITR is already processed. Please help with a) Is there any remedy to now rectify ITR only for the sake of not entering entries of each transaction? b) What feedback to give in AIS now as the data capture by them is only partially correct Thanks
Asked 2 years ago
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.
Yes you can file rectification return. Such difference could be because of brokerage or any other expense charged by broker.
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