https://www.desidime.com/discussions/current-account-sweep-in-fd-of-1-26cr-reporting-a-sft-05-in-ais-income-tax-notice?page=1#post_9214315
I am curious. If you have a business, don't you have an accountant/CA for the business?
Current Account Sweep In FD of 1.26Cr reporting a SFT-05 in AIS, Income Tax Notice?
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Hello Guys
We have a current account in Kotak Mahindra Bank with Sweep In FD(Activmoney) activated.
Daily payments from our clients are converted to FD and when required is liquidated to cover any payments.
Now the bank has reported the total amount of FDs created in a FY, and reflecting in AIS. The gross amount is 1.26cr which is very high and can't be accordance with the ITR, which is based on P&L.
Though it is also mentioned in the AIS that FDs of 1.2cr has been liquidated/closed, with only 0.06cr FD remaining at the end of FY. The interest reported by the bank in AIS on all the FDs have been offered to tax.
What documents can we keep/ask from the bank in the FIRST PLACE to reply to the department, if we get any 148A/143(2) notice by any mad AO or falsely flagged information by CBDT risk system, for source of investment u/s Sec 69,69A (Allahabad HC imposed Cost of Rs. 50 Lakh on Department for creating illegal Income Tax demand , CBDT instructs officers to verify database before pulling up taxpayers)
Does anybody have any such experience?
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https://www.desidime.com/discussions/current-account-sweep-in-fd-of-1-26cr-reporting-a-sft-05-in-ais-income-tax-notice?page=1#post_9214485
1cooldesidd wrote:We have a CA with less experience. He says if you are unlucky you could get at least get a notice, and if AO is mad and adamant/targeted to raise a demand order, we can easily win in appeal orders.I am curious. If you have a business, don't you have an accountant/CA for the business?
I just want feedback and any experience of you guys.
https://www.desidime.com/discussions/current-account-sweep-in-fd-of-1-26cr-reporting-a-sft-05-in-ais-income-tax-notice?page=1#post_9214824
1.26cr very small amount & its business so you may not even get notice
Keep the statement ready, interest accrued,tax paid
https://www.desidime.com/discussions/current-account-sweep-in-fd-of-1-26cr-reporting-a-sft-05-in-ais-income-tax-notice?page=1#post_9214895
Pay tax for the interest received that's all
U don't get any notice.
I always use fd and got od from HDFC Bank, SBI and DBS
https://www.desidime.com/discussions/current-account-sweep-in-fd-of-1-26cr-reporting-a-sft-05-in-ais-income-tax-notice?page=1#post_9214920
What's the interest amount?
https://www.desidime.com/discussions/current-account-sweep-in-fd-of-1-26cr-reporting-a-sft-05-in-ais-income-tax-notice?page=1#post_9214978
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gagansc19653 wrote:
We have a CA with less experience. He says if you are unlucky you could get at least get a notice, and if AO is mad and adamant/targeted to raise a demand order, we can easily win in appeal orders.
I just want feedback and any experience of you guys.
Change your CA.
https://www.desidime.com/discussions/current-account-sweep-in-fd-of-1-26cr-reporting-a-sft-05-in-ais-income-tax-notice?page=1#post_9215637
SunnyKh wrote:70k only, as many FDs existed for only 1-3 weeks.
What's the interest amount?
https://www.desidime.com/discussions/current-account-sweep-in-fd-of-1-26cr-reporting-a-sft-05-in-ais-income-tax-notice?page=1#post_9215659
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As like other professionals i.e. Doctors, lawyers, CAs also have conflict of interest and no professional know it all.
Ramta_Jogi wrote:I just wanted to have a second opinion to prepare for the worst case scenario in our faceless assessment system, where AOs are just given targets like salesman to raise tax demand.(Allahabad HC imposed Cost of Rs. 50 Lakh on Department for creating illegal Income Tax demand and many more)Change your CA.
As like other professionals i.e. Doctors, lawyers, CAs also have conflict of interest and no professional know it all.
https://www.desidime.com/discussions/current-account-sweep-in-fd-of-1-26cr-reporting-a-sft-05-in-ais-income-tax-notice?page=1#post_9215789
its time to hire a good CA
there are a lot of factors to this
but this is not a reason for a notice alone
the whole point of a good CA is to avoid these kind for situation in the first place.
hope you start taking actions so you are more educated in the process
https://www.desidime.com/discussions/current-account-sweep-in-fd-of-1-26cr-reporting-a-sft-05-in-ais-income-tax-notice?page=1#post_9215877
woodfield753 wrote:How a good CA will avoid these kind of situation in the first place?😐
its time to hire a good CA
there are a lot of factors to this
but this is not a reason for a notice alone
the whole point of a good CA is to avoid these kind for situation in the first place.
hope you start taking actions so you are more educated in the process
The Kotak Mahindra Bank reported it to the AIS, which can be avoided in upcoming FY, only if we stop this Sweep in FD feature(Activmoney).
I just wish to learn know other's experience of getting or not getting a notice in this case.
https://www.desidime.com/discussions/current-account-sweep-in-fd-of-1-26cr-reporting-a-sft-05-in-ais-income-tax-notice?page=1#post_9216190
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gagansc19653 wrote:
I just wanted to have a second opinion to prepare for the worst case scenario in our faceless assessment system, where AOs are just given targets like salesman to raise tax demand.(Allahabad HC imposed Cost of Rs. 50 Lakh on Department for creating illegal Income Tax demand and many more)
As like other professionals i.e. Doctors, lawyers, CAs also have conflict of interest and no professional know it all.
Maybe it would be wiser to seek an alternate opinion from a real CA around you, preferably a CA firm.
https://www.desidime.com/discussions/current-account-sweep-in-fd-of-1-26cr-reporting-a-sft-05-in-ais-income-tax-notice?page=1#post_9216620
if u r already showing that interest income in p/l there would be no issue, in case ur ca already doing that he is right about unlucky case ( auto notice by system ) and winning in appeal
https://www.desidime.com/discussions/current-account-sweep-in-fd-of-1-26cr-reporting-a-sft-05-in-ais-income-tax-notice?page=1#post_9216775
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rest is upto you
gagansc19653 wrote:I gave you my 2 cents
How a good CA will avoid these kind of situation in the first place?😐
The Kotak Mahindra Bank reported it to the AIS, which can be avoided in upcoming FY, only if we stop this Sweep in FD feature(Activmoney).
I just wish to learn know other's experience of getting or not getting a notice in this case.
rest is upto you
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Change your CA.