compliance notice

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Benevolent
kukdookoo
My younger cousin invested around 2 lacs, in batches in us stocks in last financial year.filed the return and it got processed. Now got a high value transaction notice in compliance section.what has happened is in ais and tis now instead of 2 lacs the amount mentioned is around 48 lacs.each remittance entry is mentioned there 6-7 times.who is at fault here, the bank or the IT website? when the ITR was filed it showed the correct values everywhere. Now in feedback section it is asking to select whether this info is correct or not or some other options. Can bank make such mistakes? Compliance portal only wants user to select the predefined options and one cannot write or mention anything in detail there.he is from a small city and he asked few ca and accountants and they all know nothing about this.he is really scared as he did nothing wrong and is the sole earner of his family.what should be done here?

@Demon_slayer @Ramta_Jogi @Jarvis.-. @guest_999 @LordGane @Rajkotian @Watcher @legend101 @flash007
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The PostMighty The PostMighty
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"he asked few ca and accountants and they all know nothing" - As I often repeat on DD, asking a professional like CA for free advice (I am assuming that here) is like going to travel agent and asking them which site offers the best rate for a flight and how can you book it yourself instead of paying the travel agent commission.

Most CAs who file ITRs for clients know well enough how to handle IT notices. It is their bread and butter; so to speak. Yes, foreign share trading might be a niche but I have seen CAs pick up books or consult sites and go through ITR rules. What you really need to do is state your problem to a CA and start or end your problem with a clear question stating "How much will be your fees to respond to the IT notice?" See how their response changes.

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Deal Hunter Deal Hunter
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2lakh rotated in stocks buy-sale multiple times so 48 lakh. Or is it bank's fault?

Benevolent Benevolent
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no rotation only 2lakhs invested in stocks. like 15k one day, 20k one day etc. but total 2 lakhs. what bank or income tax has done after filing return in ais is 15k x 8 on same day. 20k x 15 on same day etc.
Generous Generous
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If it's not the rotation and a mistake from them, then he can reply stating the same. Maybe attach the Bank Statements for reference. IT Officer will asses and take the decision accordingly. 

Benevolent Benevolent
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mistake from bank or from income tax? there is no option of replying only selecting pre defined options on compliance portal
Benevolent Benevolent
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Hope ur cousin filled foreign investment disclosure correctly in itr...... in feedback u can select not correct and submit it..... until u receive demand notice (which is very unlikely for proper filled up itr) nothing to worry....if u receive notice then u can explain it

Benevolent Benevolent
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yes everything was shown. so u mean select correct entries as wrong? there is no option of replying only selecting pre defined options on compliance portal
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Deal Subedar Deal Subedar
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He has to give the feedback that the information is not correct. This is all generated automatically by the portal pulling data from multiple sources. Just give the proper feedback it won't be a problem.

Benevolent Benevolent
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so u mean select correct entries as wrong, even the right ones? there is no option of replying only selecting pre defined options on compliance portal

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Commentator Commentator
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I don't know where the mistake happened. But he can refuse the transaction. If he gets any further notice he can share the transaction statement from where he opened the account, like vested, indmoney etc.

Benevolent Benevolent
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so u mean select correct entries as wrong? entries shown are correct but the total amount is wrong along with the extra and duplicate entries in ais.

Deal Cadet Deal Cadet
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Does demand notice includes penalty, by when can we expect notices for any Discrepancy?

Deal Lieutenant Deal Lieutenant
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I also received compliance notice yesterday in evening and I was flustered to see the notice for high value transaction. With trembling hands I opened the portal and find that I missed to file LIC dividend of 22rs in my ITR 😄

The PostMighty The PostMighty
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"he asked few ca and accountants and they all know nothing" - As I often repeat on DD, asking a professional like CA for free advice (I am assuming that here) is like going to travel agent and asking them which site offers the best rate for a flight and how can you book it yourself instead of paying the travel agent commission.

Most CAs who file ITRs for clients know well enough how to handle IT notices. It is their bread and butter; so to speak. Yes, foreign share trading might be a niche but I have seen CAs pick up books or consult sites and go through ITR rules. What you really need to do is state your problem to a CA and start or end your problem with a clear question stating "How much will be your fees to respond to the IT notice?" See how their response changes.

Deal Cadet Deal Cadet
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Yes, and when we deal with any FnO or foreign stocks, basically where filing return is not straight forward, have a proper CA maintain your account, so all responsibility will be his to answer the notice as he has filled your return on IT portal. That 10k per year will save lot of your tension.

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Benevolent Benevolent
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Check this video


there will be a option to give feedback with an option: "Information is Duplicate", you can fill that 

Deal Cadet Deal Cadet
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Pls ask the bank to correct the AIS and TIS statement... Normally they do it within some time.. Don't expect any immediate correction 

Deal Newbie Deal Newbie
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1. Reply to IT notice mentioning duplicate data

2. Write letter to bank highlighting duplicate reporting

3. Re-write to bank after 07 days with copy marked to nodal officer

4. Complaint to nodal officer after 15 days with copy marked to RBI ombudsman

5. Write a complaint to RBI ombudsman with a copy marked to CBDT.

Keep strong evidence of all. Ensure that you email and speed post letters (save tracking/delivery details).

Nothing else to worry. No CA reqd here.

Helpful Helpful
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https://twitter.com/IncomeTaxIndia/status/17396...


Some references have come to the notice of the Income Tax Department regarding recent communication sent to taxpayers pertaining to transaction(s) made by them.

Taxpayers may pl note that such communication is to facilitate the taxpayers & make them aware of the information available with the ITD regarding the transactions reported by the Reporting Entities during the year.

It is not a notice sent to all taxpayers, but is an advisory sent in only those cases where there is an apparent mismatch between disclosures in the ITR & information as received from the Reporting Entity.

The objective of the communication is to provide an opportunity to taxpayers & facilitate them to provide their feedback online on the Compliance Portal of ITD &, if necessary, revise their Returns already filed OR to file the Return if not filed, so far.

The last date for revising or filing belated return for AY 2023-24 is 31st December

Generous Generous
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Did a 3.5 Lakh transaction Shopping NCEMI on ICICI. Cancelled Emi later.

Credit card bill showing 10.5 Lakhs transactions.

3.5 Lakhs Debit

3.5 Lakhs Credit (Emi pre closure)

3.5 Lakhs Debit (Debit Posting after Offus)

3.5 Lakhs Credit( Bill Payment)

Benevolent Benevolent
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@Demon_slayer @Ramta_Jogi @Jarvis.-. @guest_999 @LordGane @Rajkotian @Watcher @legend101 @flash007

Complaince portal>> instructions>>ais>> tds tcs info- here it is asking to provide details of the entries which are
correct.
Complaince portal>> instructions>>ais>> sft info- here it is asking to provide responce of the 2 lacs figure which is correct.
Complaince portal>> instructions>>ais>> other info- here the amount mentioned is 48lacs plus. The option under info is duplicate/included in other info is here. Should we select this for the duplicate entries?

bank is not at all helpful at all.they are saying that they cannot make mistakes like this.

Deal Subedar Deal Subedar
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Screenshots would be better.
Benevolent Benevolent
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@Demon_slayer @Ramta_Jogi @Jarvis.-. @guest_999 @LordGane @Rajkotian @Watcher @legend101 @flash007 @LIMBO

The bank is not at all helpful.my younger cousin visited idfc branch for 4 consecutive days but they kept him waiting and did nothing and today the manager misbehaved with him saying ki you must have done those entries and not reported.that is not possible if the bank account is with them and they are the ones who are reporting it to the income tax.nodal team replied that we need 5 days but he told them its very urgent and that branch is misbehaving but they never replied again. where can we complaint about this?does one need to wait for 30 days before approaching the banking ombudsman?

Deal Cadet Deal Cadet
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In the meantime you can raise your grievances at PGPORTAL. its also very effective as bank has to submit a detailed response.

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