Hello Experts,
I got an SMS from the Income Tax Department with the title "e-Campaign - High Value Transactions for AY 2022-23" on 25th Dec 2023.
I am a trader in the stock market and all transactions are online only. Last time, I got a similar email for more than 300 stock market transactions. Even though the transaction was 10,000 to 15,000/-, it was asked to verify under High Value Transactions!! It was not an easy task to scrutinize more than 300 transactions (including intraday, swing trading or mutual fund transaction). It looks like irrespective of amount of transaction, by default all transactions are asked for verification. It took me around 17 to 18 hours to verify and respond. As a gift, I received more than 300 SMS and emails as Acknowledgement. Again, this year I received similar SMS. Now, I cannot spend approx. 2 full days to verify transactions. For several years, I have been paying tax honestly and want to do the same in future. However, I do not want to get tortured for nothing.
My question is, what will happen if I do not respond to e-Campaign - High Value Transactions from the Income Tax Department? Is there any penalty? What action can the IT department take?
CAclubindia
