IncomeTax dept wants response concerning high-value transaction (AIS time deposits gross amounts)

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This query is : Resolved

Vishal S (Querist)
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26 December 2023 Dear Sirs,

i received an SMS from CMCPCI concerning high value transactions in AIS "which are not inline with the information i filed in tax return"

i checked compliance portal and high value transactions are related to fixed deposit opening and closing "Purchase of time deposits (SFT-005)" , 2 figures given , "GROSS AMOUNT RECEIVED FROM THE PERSON" and "GROSS AMOUNT PAID TO THE PERSON"

i had around 120 lakhs in fds , i closed and reopened them twice in 2022 .

the "GROSS AMOUNT RECEIVED FROM THE PERSON" is showing as 240 lakhs which i guess is the total amount i gave to bank for opening fds

"GROSS AMOUNT PAID TO THE PERSON" however is only about 120 lakhs , after checking account statments - not sure but i can only guess they only reported accounts that i opened then closed in 2022 itself as paid to person . amounts paid to me from accounts opened before 2022 is not being included.

i am required to give a response on compliance portal weather given figures are correct or not.

possible responses are
"information is fully correct"
"information is not fully correct"
"information releates to other PAN/year"
"information is duplicate / included in other information"
"information is denied"

please advice. thanks

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 December 2023 If opening FD and closing FD is 120 lakhs the same then report as information is not fully correct.
Reply before fully ensuring correctness, it may be reported to AO for verification.

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