Pan flagged for not filling ITR - Information Mismatch

General
1

Have only one account with Zerodha . Got SMS from ITD to file for 2018-19 FY and here are the details. Never filed ITD before as my income is less than 2.5L. I can file ITD but please do let me know how to correct the data mismatch on compliance website first. as I can see no option to upload zerodha tax P&L on that website.

According to compliance website my total **Income on Securities Delivery Based is ** 76,59,049

Purchase of Securities Delivery Based is : 70,52,089

Did not included the intraday txn showing on compliance portal as those figures are O.K. but delivery txn figures are totally wrong.

According to Zerodha tax P&L my realized profit for Short term is : – 7907 and Intraday Profit is 12307 which comes to Rs. 4400.

According to zerodha Tax P & L total buy transaction value of delivery based stock is Rs. 3752557 and total sell delivery based txn value is 3669272

As you can see there’s a huge difference between zerodha tax P&L and data on compliance website.

The amount shown on the compliance website are abnormally high and I can see some duplicate entries as well.

Compared to zerodha tax P&L and ITD compliance website

For eg .

For Vinati organics on Tax P&L of Zerodha Buy Value is Rs. 153829 and Sell value is Rs. 172278 for 100 Quantity.

On Compliance website I can see

Income on Securities Delivery Based Section : CDSL Receipts from sale/transfer of securities (Off-market transaction)

Scrip Name/Code: VINATI ORGANICS LIMITED-NEW EQUITY SHARES OF RE 2/- AFTER SPLIT
Quantity: 100.00 Rs. 1,64,800

NSE Receipts from sale of securities (Delivery based transactions on Exchange)
Scrip Name/Code: VINATIORGA Quantity: 100.00 Rs. 1,72,278

Two entries for sale txn with different amounts while The NSE entry matches with zerodha tax P&L.

Purchase of Securities Delivery Based Section : CDSL Purchase/transfer of securities (Off-market transaction)

Scrip Name/Code: VINATI ORGANICS LIMITED-NEW EQUITY SHARES OF RE 2/- AFTER SPLIT
Quantity: 200.00 Rs. 3,26,395

NSE Purchase of securities (Delivery based) on Exchange
Scrip Name/Code: VINATIORGA
Quantity: 200.00 Rs. 3,20,120

For Bombay Dying According to Zerodha It’s Buy Value 64925 and Sell Value 74192 Quantity : 590

On Compliance website I can see :

Income on Securities Delivery Based : CDSL Receipts from sale/transfer of securities (Off-market transaction)

Scrip Name/Code: THE BOMBAY DYEING AND MANUFACTURING CO LTD # NEW EQUITY SHARES OF RS 2/- AFTER SUB DIVISION
Quantity: 590.00 Rs. 79,886

Purchase of Securities Delivery Based : CDSL Purchase/transfer of securities (Off-market transaction)

Scrip Name/Code: THE BOMBAY DYEING AND MANUFACTURING CO LTD # NEW EQUITY SHARES OF RS 2/- AFTER SUB DIVISION
Quantity: 590.00 Rs. 65,538

TSN Id : 1119017371217 BSE Purchase of securities (Delivery based) on Exchange
Scrip Name/Code: BOMBAY DYEI

Quantity: 5.00 Rs. 54,685 !!!

On the last example of Bombay Dyeing please note the Share quantity and Price !!!

What is the off market transaction I’ve no idea about and Never ever I bought 200 shares of Vinati. The whole Purchase of Securities and Income on Securities section is filled with such duplicate and wrong entries.

The whole Information Summary is based on such wrong information hence the inflated value. Please do read the discrepancies in Bombay dyeing again if you missed my point.

Now what shall i do to correct these. Do let me know if you need any further information.

Regards,

Sudip

2

Maybe you should contact IT Department at their helpline no:

https://www.incometaxindiaefiling.gov.in/main/contactUs

But even if you get this income mismatch sorted, a bigger question would be how did you get almost 37 lakhs for doing delivery based trades? Did you pay income tax on that 37 lakhs?

3

did lots of short term trades which adds up to the total transaction value of 37L on buy side and 37L on sell side … starting capital may be was 3 to 4L.

Again it’s the total turnover value I did not made 37L or anything.

Say you did 15 to 20 short term trading transaction with 3L starting capital which can easily sum up to 40 - 50 L Turnover on buy side and another 40 - 50L Turnover on sell side. Hope you got my point.

Now when you do business or stock trading / investing as a profession you need have some capital ( Or do I need to even show how come I got the 3L ? - there’s need to be some starting point for filing tax or ITR, right ? ) and when you start earning you need to pay taxes ( unless turnover crosses 2 Cr. ).

But here my point is I’ve been wrongly flagged for some txns twice and as you can see For 5 shares of bombay dyeing the purchase price is showing Rs. 54,685 which made the odd amount possible.

Am I allowed to share the zerodha excel sheet of Tax P&L ?

4

Yes you’re always allowed to share zerodha pnl Excel sheet if that helps you.

5

Compliance Portal :

attach1
attach11920×1080 158 KB

6

Zerodha Tax PnL 1

attach2
attach2953×833 21.9 KB

7

Zerodha Tax P&L 2 - You can see some high amounts beside HEG, Graphite etc. because I’ve performed multiple short term trades on these. If you need I’ve separate file for those as well.

attach3
attach3950×801 29.7 KB

8

Now some Shocker !!! from compliance portal

photo_2020-03-13_06-58-25
photo_2020-03-13_06-58-251280×720 221 KB

9

and one txn showing multiple times adding up to the elevated buy / sale values. First One

photo_2020-03-13_06-59-29
photo_2020-03-13_06-59-291280×720 147 KB

10

second one : Sorry as a new user can’t post multiple images on a single post.

photo_2020-03-13_06-59-34
photo_2020-03-13_06-59-341280×720 202 KB

again see the delivery / short term tax P&L on zerodha - for ashok leyland performed only single short term trade in in FY18-19 but did multiple trades in HEG, graphite … anyway, I think I’ve made my point clear. Really need to got off these duplicate and multiple entries out of that compliance portal.

Compliance portal is not showing txns under any of the four option from yesterday so not getting a chance to upload the huge expediencies in vinati txns. will do once it’s up.

11

Okay, Please get through this article. Facing serious issues just because IT departments software glitch :

Problem after Software Tinkering

For such trades, the whole sale consideration is considered by the system as gain. For instance, if shares allotted in an IPO after February 1, 2018 for Rs 2,000 are sold for Rs 4,000 on March 15, 2018, the system is considering the entire Rs 4,000 as LTCG.

itr: Glitches in ITR processing lead to bloated tax liability on capital gains - The Economic Times

Can anyone please tag any senior member ?

12

i am also having the same problem.did any one help me

13

Any update on this ? i am facing something similar. Thanks.

14

I think this is because now IT will calculate all pnl, divident tax,stcg,ltcg automatically n give you net liability it is a new system it will take time to sort talk to some CA n file a reply other wise they will haress you like anything don’t go for saving some dime in fees n dig a big hole for yourself

15

Did you get on intimation on mail or mobile for IT department?