We received a E-Campaign notice from IT Dept from High Value Transactions for FY-2018-19. We were scratching our heads as to why this notice was sent as there were no high value transactions. But we were shocked when we saw that the message was for the combined annual value for Kotak Bank's Active money feature.
We hold an account with Kotak Mahindra bank with Active Money feature where in the system automatically creates terms deposits whenever the account balance crosses 1 lakhs on incoming deposits and breaks those TDs whenever funds are required for outward payments. Obviously this makes it look like the account has got lot of Term Deposits as the combined annual value went above the 1.25 crore which the IT dept thinks is High value transactions.
What should be our response to this e-campaign query ?
A Information is correct
B Information is not fully correct
C Information relates to other Person/Year
D Information is duplicate/included in other displayed information
E Information is denied
Totally confusing.
Thnx
CAclubindia
