Discrepancy of Information on ITD Compliance Portal
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Have only one account with Zerodha . Got SMS from ITD to file for 2018-19 FY and here are the details. Never filed ITD before as my income is less than 2.5L. I can file ITD but please do let me know how to correct the data mismatch on compliance website first. as I can see no option to upload zerodha tax P&L on that website.
According to compliance website my total
*Income on Securities Delivery Based is * 76,59,049 – actually it’s turnover value
Purchase of Securities Delivery Based is : 70,52,089 – same as above
Did not included the intraday txn showing on compliance portal as those figures are O.K. but delivery txn figures are totally wrong.
According to Zerodha tax P&L my realized profit for Short term is : – 7907 and Intraday Profit is ++12307 which comes to net Rs. 4400.
According to zerodha Tax P & L total buy transaction value of delivery based stock is Rs. 3752557 and total sell delivery based txn value is 3669272 – turnover value
As you can see there’s a huge difference between zerodha tax P&L and data on compliance website – why they are showing turnover as Income / Purchase ???
The amount shown on the compliance website are abnormally high and I can see some duplicate entries as well.
Compared to zerodha tax P&L and ITD compliance website
For eg .
For Vinati organics on Tax P&L of Zerodha Buy Value is Rs. 153829 and Sell value is Rs. 172278 for 100 Quantity.
On Compliance website I can see
Income on Securities Delivery Based Section : CDSL Receipts from sale/transfer of securities (Off-market transaction)
Scrip Name/Code: VINATI ORGANICS LIMITED-NEW EQUITY SHARES OF RE 2/- AFTER SPLIT
Quantity: 100.00 Rs. 1,64,800
NSE Receipts from sale of securities (Delivery based transactions on Exchange)
Scrip Name/Code: VINATIORGA Quantity: 100.00 Rs. 1,72,278
Two entries for sale txn with different amounts while The NSE entry matches with zerodha tax P&L.
Purchase of Securities Delivery Based Section
CDSL Purchase/transfer of securities (Off-market transaction)
Scrip Name/Code: VINATI ORGANICS LIMITED-NEW EQUITY SHARES OF RE 2/- AFTER SPLIT
Quantity: 200.00 Rs. 3,26,395
NSE Purchase of securities (Delivery based) on Exchange
Scrip Name/Code: VINATIORGA
Quantity: 200.00 Rs. 3,20,120
For Bombay Dying According to Zerodha It’s Buy Value 64925 and Sell Value 74192 Quantity : 590
Income on Securities Delivery Based : CDSL Receipts from sale/transfer of securities (Off-market transaction)
Scrip Name/Code: THE BOMBAY DYEING AND MANUFACTURING CO LTD # NEW EQUITY SHARES OF RS 2/- AFTER SUB DIVISION
Quantity: 590.00 Rs. 79,886
Purchase of Securities Delivery Based : CDSL Purchase/transfer of securities (Off-market transaction)
Scrip Name/Code: THE BOMBAY DYEING AND MANUFACTURING CO LTD # NEW EQUITY SHARES OF RS 2/- AFTER SUB DIVISION
Quantity: 590.00 Rs. 65,538
TSN Id : 1119017371217 BSE Purchase of securities (Delivery based) on Exchange
Scrip Name/Code: BOMBAY DYEI
Quantity: 5.00 Rs. 54,685 !!!
On the last example of Bombay Dyeing please note the Share quantity and Price !!!
What is the off market transaction I’ve no idea about and Never ever I bought 200 shares of Vinati. The whole Purchase of Securities and Income on Securities section is filled with such duplicate and wrong entries.
The whole Information Summary is based on such wrong information hence the inflated value. Please do read the discrepancies in Bombay dyeing again if you missed my point.
Now what shall i do to correct these. Do let me know if you need any further information.
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As Per IT portal ( Delivery based trades only ) ( Non delivery ie intraday turnovers are ok with one exception here also value in zerodha is buy tunover 3608769 and sell turnover is 3621077 )
Income on Securities Delivery Based Section ( Here All of the Sale Transactions Listed ) :
76,59,049 -
It’s 3744655 according to zerodha Tax P&L – It’s total buy side turnover value of all the trades I’ve done on FY18-19
Purchase of Securities ( Here all Buy txns listed ) : 70,52,089
It’s 3752563 according to zerodha Tax P&L – It’s total sale turnover value of all the trades I’ve done on FY18-19
Now Buy and Sale side both Has lots of duplicate entries like you can see some offmarket entries on Compliance website and some entries like 200 shares of vinati @ 3,20,120 which even zerodha has no record of. Also Can you believe 5 shares of Bombay dyeing is showing as 54,685 ???
Lastly say you started trading as short termer with 2L capital and did some 20 trades so the total turnover comes to Rs. 40L on buy side. Another 40L for sell side. so for total 40 txns total turnover comes to 80L, Right ?
Anyway, my question why compliance portal is showing all the sell side txns as income and the buy side txns as purchase – with their logic total turnover comes as 1.47Cr. It’s total buy sell value of the all the trades done so far ?
Image for better understanding
Again just to be clear According to Zerodha tax P&L my realized profit for Short term is : – 7907 and Intraday Profit is ++12307 which comes to net Rs. 4400 for FY18-19
Tagging @GoogleCA @ramadesidime
Since it is Loooong post, difficult to digest.
In simple one line, my understanding is , there are wrong entries and data mismatch in compliance website.
Am I right? If yes, how it is effecting you since you are making loss.
I know about calculation of turnover amount issues with stocks and futures, it is grey area.
Utilize it to tweak it while filing IT returns. (If you had filed the IT return in time, you would not have received that info sms), Any how file it now.
PS: Companies make errors while processing the data due to sub-standard computer programmers who do not validate the script before putting into production.
No doubt there are discrepancies in IT dept portal entries but that does not lessen the fact that you did make transactions worth lakhs without filing even ITR which is the main point here.Once your case is up for hearing no doubt all these incorrect entries will be found out & removed but you will still have to file a proper ITR with all the details & may also have to pay a penalty of ~5k in worst case scenario. As for your example if a short term trader starts with a capital of 2 lakh & make 20 trades then if he had never filed an ITR then he too will most likely get a notice similar to yours. In short,file your ITR every year even if you only show 1 lakh income(actual & not imaginary figure as you must be having some income if you are playing in stock market with lakhs).
Above is not for individuals but for entities entering into transactions with individuals.e.g.a credit card company has to report any total credit card bill payments of over 10 lakh in a financial year by an individual using any online method/chq/dd.
Tension naa lo.
Just contact a CA, pay him 1000-2000
This can be easily sorted out.
Why did not you file ITR2?
Best part is you can carry forward your losses too.
That huge turn over is because of FnO and intraday 
So, file ITR 2 . You can get Statements from Zerodha without any problem.
Visit a CA, file ITR accordingly. For FnO and Intraday, you need to file as per turnover. And if it crosses 2cr in aggregate then Tax Audit.
How much CA costs to file fresh ITR ?
compliance website working but “Income ( Sell of should be the actual case ) on Securities Deliver Based” unable to see the transactions.
BTW, got the SMS from compliance portal on Monday – how long do I’ve to submit a response first ?
Within 21 days
This is what we are facing :
https://economictimes.indiatimes.com/news/econo...
" For such trades, the whole sale consideration is considered by the system as gain. For instance, if shares allotted in an IPO after February 1, 2018 for Rs 2,000 are sold for Rs 4,000 on March 15, 2018, the system is considering the entire Rs 4,000 as LTCG."
Serious technical issue is income tax department sleeping?
should we file complaint on grievance portal of income tax?
UPI transfers between own accounts need to be reported ?
It very hard to know which account used to send money which account received money with too many transactions showing only UPI ID
I don’ think there is such a need but again only if it is within reasonable limits.e.g.if you are just rotating money within 2-3 accounts with total amount of transaction less than 10 lakhs then I don’t think IT dept will notice it but if you are rotating 10 lakh+ among 3-4 or more bank accounts & also not filing ITR of at least 5-6 lakh income then I think high chances of getting IT dept attention.
@ OP
You indicated trading through a online broker only. None of these transactions can be “off-market”. So how come there are so many “off-market” transactions? Try to find the source of these transactions into the IT portal. Who uploaded them? Is it possible that your broker had misused your account?
Thank you understanding. Yes that can be a possibility .. almost every txn marked under CDSL is showing as off Market with wrong value but txns marked with NSE are almost all Ok.
BTW, submitted reply with this remarks :
My income for FY2018-19 is less than 2.5L. The Information Summary containing Income on Securities Transactions ( Delivery and Non Delivery Based ) and Purchase of Securities ( Delivery and Non Delivery Based ) has Discrepancies compared with my Broker Zerodha’s Tax P&L statement. My Intraday Speculative profit for FY2018-19 is Rs. 12307 and short term loss is Rs. 7907. I’ve paid all sort of STT and other applicable charges on stock transactions.
5 Shares of Bombay Dyeing Rs. 54,685 – height of stupidity :
Khatarnaak bhai. 😭😭😭😭
Contacted CA he said no need to worry file ITR
Okay, do let me know about the costs and any other charges involved.
BTW, is this some online CA ?
Time for Dual entries :
CDSL wrong txn value with Off Market Thing :
upload image
NSE Perfect Value :
no need to show all entries of saving account just need to show intrest earned
@drupal @topgear See this link posted by @bikidas2060 which contains latest accurate info,that 1 cr limit info from taxguru.in link is outdated & incorrect now.
https://zerodha.com/varsity/chapter/turnover-ba...
But an important thing to remember is that if your turnover is less than Rs 2 crore (was Rs 1 crore until FY 16/17) and if your profit is less than 6% of turnover an audit is not required if your total tax liability for the year is zero. That means if your total income (Salary + Business income + capital gain) is less than Rs 2.5lks (minimum tax slab), you have no tax liability and hence audit not required. But it is advisable if losses are substantial to file the return with audit.
Section 44AD – If the turnover is less than Rs 5 crore, and if profit less than 6% of turnover and total income exceeds basic exemption limit (An audit is not required if turnover is less than Rs 5 crores but your total income is within the taxable limit of Rs 2.5lks). This limit was extended to Rs 5 crores for FY 2020 – 21.
@guest_999 @bikidas2060
referring to my previous post in another thread
Can I file itr 2 myself?
By what date I should file itr2?
1. Filed itr in 2017 to show fd interest.
2. Didn’t filed in 2018 as there was no extra income than fd interest.
3. Did FnO & intraday in Dec 2019 and Jan 2020. So I need to file itr.
Since I have already filed itr1 once so will there be any problem if I choose itr 2 now?
If any online CA you can suggest for lesser fee.
Thanks
You can file any itr yourself as long as it is not needed to be audited(assuming you know how to prepare & file the itr you are submitting). A person can not file both itr1 & itr2 for same FY. Since your FnO & intraday are in Dec 2019 & Jan 2020 so for that you will file itr2 after 31st Mar 2020 so what’s the confusion.
If possible send them to news channels as well may be they can report this news otherwise they are only good for dalali nowadays
Print media is also an option
It would be a great favor to many innocents who are trapped or going to be trapped under this glitch If it went viral
Contacts of some Indian news channels newspapers and periodicals
(Most numbers are of Delhi offices)
Times of India
Times House, 7, B.S.Z. Marg New Delhi-2
3324173,
3312277 (phone)
http://timesofindia.indiatime...m/
[email protected] [email protected]
The Hindustan Times
Hindustan Times House, 18-20 Kasturba Gandhi Marg, New Delhi-1
91-11-3361234, 3704589
Indian Express
The Indian Express Online Media (Pvt) Ltd, C-6, Qutab Inst. Area, New Delhi-110016
91-11-6511615
The Hindu
The Hindu
1/5, INS Building, Rafi Marg, New Delhi-1
91-44-8415325
Delhi-3718158
[email protected] [email protected]
Outlook
AB-10, S.J. Enclave, New Delhi-110 029
6191420
[email protected] [email protected]
The Week
India Today
F-14/15, Connaught Place, New Delhi-1
3316180
Deccan Herald
The Printers (Mysore) Private Ltd. 75, Mahatma Gandhi Road, Post Box No 5331, Bangalore – 560001
+91 (80) 5586443
NDTV
NDTV Ltd.
Archana Complex
Greater Kailash Part1, New Delhi 110 048
+91 11 6218621, 6461740
Rediff
[email protected]Economic Times
Times House, 7, B.S.Z. Marg, New Delhi-2
3492148
Business Standard
5, Pratap Bhavan, Bahadur Shah Zafar Marg, New Delhi – 110002
011 – 3720201
http://www.business-standar...m/
The Telegraph
6 Prafulla Sarkar Street, Calcutta – 700001
91 33 2253240 & 91 33 2253241
The Tribune
Dayal Singh Library, 1, D.D. Upadhya Marg, New Delhi-2
3234892
Amar Ujala
Amar Ujala, G-3, Sector-6, Noida-201301
0118-4422637
Dainik Bhaskar
6-Press complex, MP Nagar, Bhopal (MP)
91-0755-270333, 270466
Dainik Jagran
Milap
5-4-674, Kattal Mandi, Hyderabad -500001
4732586
Nai duniya
65, Babu Labhchand Chhajlani Marg, INDORE – 452 009 (M.P.)
91-731-763120
Aaj Tak
Videocon Towers, E-1, Jhandewalan Extn., Link Road, New Delhi -55
011 3684895
[email protected]
[email protected]
Frontline
Time Asia
TIME Magazine
30/F Oxford House
Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong
(852) 3128 5001
http://www.cnn.com/ASIANOW...e/
[email protected] [email protected]
Pioneer
Zee News
Sector 16-A, Film City, Noida
Asian Age
The Statesman
Statesman House, 4 Chowringhee Square Calcutta 700 001
331 5295 (Delhi)
[email protected] or [email protected]
Gujarat Samachar
Gujarat Samachar Bhavan, Khanpur,
Ahmedabad – 380 001
91-79-5502000, 504040
http://www.gujaratsamacha...m/
Sandesh (Ahmadabad)
Sandesh Bhavan, Lad Society Road, Vastrapur,
Ahmedabad-380 015. [Gujarat]
+91-79-6754795
Jansatta
Express Building 9-10, B.S.Z.Marg New Delhi-1
3702141/42
Deccan Chronicler
Mid-Day
708, Indra Prakash Barakhamba Road New Delhi-1
Reuters India
Reuters India Pvt Ltd, 3rd Flr, Construction House, 5 Walchand Hirachand Marg, Ballard Estate
Mumbai 400 001
91 22 264 1709
Tehelka.com
PTI
4, Parliament Street New Delhi-1
3718714
UNI (United News of India)
9, Rafi Marg New Delhi-1
3716211
Mail them all koi na koi to news ko pick karega
Hi,
Could you please let me know what happened after you have filed income tax, did you incur penalty and what was the process followed, I mean, I too have similar situation and bit puzzled on how to proceed
Contacted CA but due to lockdown of last year the filling date of ITR changed. So The CA’s brother finally filed my ITR on June of last year which got cleared within 10 days with " No Refund No Demand " status aka all clear 
Thanks dimers for helping me out in this uncommon situation ( at-least for me )
in extra ordinary way
tagging @topgear
@topgear Thanks for replying, I will also contact CA, I got e compliance message last week and was puzzled what to do.. Now bit relaxed and will file. 
@topgear : one more doubt , Did you incur any penalties or any fine..
no, nothing. Just file it and you should be fine.
I am facing the same issue:
According to compliance website my total
*Income on Securities Delivery Based is * 19,90,735 – actually it’s turnover value, total sales value.
How did you answer this? Their software is junk. Not fixed yet.
Thanks
Filing of ITR shall take care of this ( I filed through a CA so don’t know exactly how did he filed it ). I think by now they ( TD ) know of this error in their system.
My guess is that IT dept considers the total amount of shares bought & sold as a part of their income calculation(if you add total bought & sold shares you will get a figure very close to 76 lakh figure quoted by IT dept). Also how come you are doing 72 lakh of total transactions(buy+sell) & yet chose not to file ITR. Not filing ITR is supposed to be for those who genuinely don’t need it(aka low income people who don’t even know what stocks are). You should have filed ITR even if shown income was below 2.5 lakh. Also how do you explain the source of funds to make all these transactions. You either used your savings(in which case again you should have filed IT returns showing even 2 lakh income for 2-3 years to support it) or you are using your family’s money(& again you should have shown this in ITR as any money received from direct relatives like father,mother,brother,sister etc is 100% tax free provided the person giving the money has already shown it in their ITR) received in previous years.
Now nothing can be done.Collect all documents related to transactions & your income & start preparing your case. If you can afford it then hire a professional CA/tax consultant.