Hi,
I've received the below message
Attention xxxxx (PAN XXXXXxxxxxX)
Income Tax Department has identified certain high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2022-23 (relating to FY 2021-22). You can view the information on compliance portal. Please revise ITR / submit online response under e-Campaign tab on Compliance Portal. If the information has been correctly accounted for in ITR, you may ignore this message. Access Compliance Portal after login to the e-filing Portal (https://www.incometax.gov.in), go to "Pending Actions" tab, click on "Compliance Portal" and select "e-Campaign (AY 2021-22 onwards)". On Compliance Portal, under e-Campaign list, view campaign type ''High Value Transactions''. - ITD
On checking the AIS portal, the "Expected" response transactions are all related to Equity/Share sales. In these transactions, the "Cost of Acquisition" is considered ZERO for ALL TRANSACTIONS, and overall Sales consideration is considered with minor differences.
Now what should I respond it with? Should I go ahead and enter the value for each transactions (over 200+), or should i just ignore the message?
I tried speaking to a CA as well, but he also seemed lost, and said dont respond. If we get a demand than we will respond. But I don't want to wait for an incorrect demand to get generated, as it'll only create more problems.
Can someone help as to what I should do?
CAclubindia
