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Notice for High Value Transaction for Outward Foreign Remittance

1122 views 5 replies

Hardeep Singh

Assistance Vice President

23 Points Posted on 26 December 2023

Dear Tax Experts,

I made an outward remittance of ~INR 15 Lacs in the last financial year to my wife's international account and paid 5% TCS (above 7 lacs) which was claimed during tax return filing. I have today received a notice from IT Department to submit response for the remittances. I have just noticed that AIS is reflecting the same amount on the same date 5 times making it ~INR 75 lacs which is incorrect and I'm thinking could be the reason for this notice. I will speak to the bank to see why there are 5 entries but wanted to understand the best course of action.

Please advise the best possible way to address this. Thanking you in advance for your response!

Replies (5)

CA Raj Doshi

Practising CA

8954 Points Posted on 26 December 2023

If you are sure of the fifteen lakhs figure, you can submit response as Duplicate. And relax

Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai

Hardeep Singh

Assistance Vice President

23 Points Posted on 27 December 2023

Thanks, Raj. I'm sure of the 15 lakhs figure and have requested the bank to provide confirmation that they did the mistake of sending 5 entries instead of 1 making overall figure 75 lakhs - after all the information source is the bank. Will attach that in my response along with bank statement. Hope that's a good idea.

CA Raj Doshi

Practising CA

8954 Points Posted on 27 December 2023

I am not sure if there is any place where you can upload the bank statement. Rest you may proceed.

CA Raj Doshi

Practising CA

8954 Points Posted on 27 December 2023

Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai

Khadar Shaik

2 Points Posted on 28 December 2023

Hardeep Singh, even I received the same notice today with the same issue of repeating same entry 5 times. Did you get any statement from Bank showing that they send only one entry?