AIS e-campaign shows incorrect data for shares, feedback is expected

Income Tax
1

This is about AIS feedback.

All my transactions are on market transactions.

  1. what is FMV in AIS? The value provided in AIS is very different from actual value - it is 0 for some transaction, double/half for some transaction.

  2. AIS sale price is day’s closing price which is different from transaction price. AIS feedback utility doesn’t allow to change sale price, how should I fix this?

  3. AIS has taken sale date from depository, I guess. But transaction date was 2-3 days before that. Should we give feedback on this also?

2

Hi,

  1. FMV stands for Fair Market Value, not sure about how it gets reflected in AIS.

  2. This is one of the flaw of AIS as the Sale’s price reflected therein is the EOD (End of the Day) price though the actual transacted price could be different. As far as AIS Utility is concerned, I think the Sale Price should be an editable field.

3.Not sure about this.

3

Hey @lokesh_sharma,

Yes, you should provide feedback if any information is incorrect. You should select the feedback type as “Information is not fully correct” and post that you’ll be able to edit all details including sale value and date.

As far as FMV is concerned. it is the Fair Market Value on the respective date of sale/purchase.

Hope this clarifies!

4

Hi @Surbhi_Pal
E campaign has only one field for FMV.

In case of on market transaction, is FMV = sale price?

In case of buy back from the company, is FMV = buy back price OR FMV = day’s closing price?

5

True feed back as to be given in AIS. But if we have over 1400 transactions it takes a long time to verify with tax P&L of zerodha. Can we ignore modication if the variation is less than 3000 or so.

6

@Venkat
Try using the Bulk Feedback option to give feedback on bulk transactions

7

If bulk feed back is given on trades it would be sent to CDSL for verification and to wait till then will take a long time. For me Zerodha figures a bit less than AIS. I found that the amount is found in intraday trades. Some auditors say that it could be left alone and in case of clarification the query could be addressed. Further purchase value does not include IPOs but only in Sell value as off market transfer.

8

Hi @Venkat

Yes, the opinion provided by other auditors as you have mentioned is also correct.