AIR Txn Code and CIB Old code

Home Forums Post your Tax Queries AIR Txn Code and CIB Old code

Tagged: 

This topic contains 0 replies, has 1 voice, and was last updated by  rajsingh 7 months, 3 weeks ago.

  • Author
    Posts
  • #7331

    rajsingh
    Participant

    I am an NRI and investments done from NRE account and NRE status verified.
    on 9 Jun 2006 I invested Rs.300,000/- is SCEEF (Standard Chartered Enterprise Equity Fund).
    On 31 Dec 2007 I switched Rs.300,000/- from this scheme to SCCEF.
    For this switch out/ in an amount of Rs.300,752/- was deducted from total value of the fund with Rs.752/- being the Security Transaction Tax and Rs.300,000/- being switched out amount.
    I received a notice for non filing of tax and an amount of Rs.600,752/- was considered my taxable income amount.
    This was based on following:
    1. Rs.300,000/- invested in SCCEF on 31 Dec 2007 under AIR TXN code 003.
    2. Rs.300,752/- Transaction date 31 March 2008 (amount under CIB Old code transcations) Txn Code 331 Mutual funds name and address of investors of Rs.20,000/- and above.
    Have shown the switch records and even went upto ITAT who accepted Rs.300,000/- being switched in on 31 Dec 2007 from Rs.300,000/- invested on 9 Jun 2006. But the Rs.300,752/- still remains to be verified by AO.

You must be logged in to reply to this topic.