31 July 2023
Team We have filed ITR without noticing the AIS for past two years where in we missed debt MF switch -values - LTCG How come ITR was successfully processed ? Is there not mechanism to compare ITR records vs AIS
If I leave it as such, will there be any future notice possibilities ? if so how can they raise notice, after ITR is successfully processed. Kindly explain
31 July 2023
Switching from one scheme to other scheme is considered as Sale and Purchase. This sale part is considered for taxation as per IT rule. However there is no income received to us, for this switching of schemes.
Can you clarify the above based on IT rule on Debt MF funds
02 August 2023
AIS is still under construction stage. The cross verification has now started in stages. Two years before there was no cross verification. If it is noticed in future, query might be raised depending upon the quantum of tax liability. The intimation received u/s. 143(1) is not the final assessment order.
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