Annual Information Statement Mismatch

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sbali1976

sbali1976 (Querist)
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25 December 2021 Annual Information Statement has details about Purchase/ Sale of Securities and Mutual Fund. However, these do not match with the actual details.

Which amount should be considered while filing income tax return.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 December 2021 File ITR as per actuals. Some variations are there.

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sbali1976

sbali1976 (Querist)
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25 December 2021 Thanks for your reply. What is the probability of receiving Defective return notice ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 December 2021 If the variation is not significant no defective return notice will be received.

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sbali1976

sbali1976 (Querist)
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26 December 2021 The variation is significant. The AIS shows profit of Rs. 11 Lakh and in actual, there is a loss.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 December 2021 AIS will not show profit. It will show only transaction.

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sbali1976

sbali1976 (Querist)
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26 December 2021 Sorry, my mistake. The AIS shows purchased of securities at 2 Lakh and sale of securities at 13 lakh (profit 11 lakh) whereas actual figures very much different.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 December 2021 It's total sales and purchases during the year is given.
The sale may be out of previous year purchase.
Tell me your total sale and purchase of securities during the year.

sbali1976

sbali1976 (Querist)
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27 December 2021 The Purchase is 159 lakh and sale is 158 lakh (all short term),short term capital loss to be carried forward around 1 lakh.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 December 2021 Disclose the above trading details you will not receive any notice.

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sbali1976

sbali1976 (Querist)
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28 December 2021 Thanks for your guidance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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