Are You Covered Under Tax Audit

[Kashasathi]

so as I suspected,it will again rejected by IT Dept in few days
What should I do next?

Even if the code is wrong,as per 44AD,it should get proceed..If not,then whats the benefit of 44AD?

I am searching online a lot on this issue sir.
my concern is-will I attract any penalty for not maintaining books of account?:annoyed:

scared now

 

[canikhil]

so as I suspected,it will again rejected by IT Dept in few days
What should I do next?

Even if the code is wrong,as per 44AD,it should get proceed..If not,then whats the benefit of 44AD?

44ad is not applicable to professions covered under 44AD. So if the code is wrong, 44AD is not applicable to you. As simple as that!

 

[TraderRavi]

0906 instead of 0202(is this a mistake Nikhil Sir??)

0906 code is for film distribution
why such error by CA

 

[Kashasathi]

0906 code is for film distribution
why such error by CA

I do web design,graphics design type of work sometimes IF someone giving me good project.But my main fulltime job is trading only.
I told CA to file under 0202 code only as 90% profit is coming from trading.
Only 30000rs were from design work,so instead of merging this amount in trading,he simply used 0906 code
web design,graphic design,3d,2d animation,vfx,fine art work,painting,cartoon making all fall in 0906 code unfortunately.And as per rule,even if someone making just 1.5L,he has to maintain books of account.:annoyed:

I am sure,the response my CA submitted will be rejected by IT Dept and I may attract some penalty

 

[TraderRavi]

I do web design,graphics design type of work sometimes IF someone giving me good project.But my main fulltime job is trading only.
I told CA to file under 0202 code only as 90% profit is coming from trading.
Only 30000rs were from design work,so instead of merging this amount in trading,he simply used 0906 code
web design,graphic design,3d,2d animation,vfx,fine art work,painting,cartoon making all fall in 0906 code unfortunately.And as per rule,even if someone making just 1.5L,he has to maintain books of account.:annoyed:

I am sure,the response my CA submitted will be rejected by IT Dept and I may attract some penalty

too much headache , this and that , instead of simple rules :annoyed:

 

[Kashasathi]

too much headache , this and that , instead of simple rules :annoyed:

Many Govt babu have 60k salary+bribe,so it goes almost 10L yearly income.
No audit for them.Just fill up one page of ITR1 and dats all.It gets proceed in just a month or 2 months.No litigation at all for them.
They have full support and backup from their seniors.

Trading is already a tough game.Though we make some amount this year,there is no guarantee that we will make the exact same amount next year.May be we will make hardly 1L next year.
Then this high taxes(STT),slippage,internet connection issues,brokers terminal issue..
Then taxation part :annoyed:

I think we may make money or lose money or no income at all from trading-jut breakeven,we should simply pay 15k-20k to CA and get Audit done.

Now,thats the different part that CA himself wont show his actual income to IT Dept honestly :lol:,we as a trader,must be Honest at any cost. :thumb:

 

[canikhil]

Many Govt babu have 60k salary+bribe,so it goes almost 10L yearly income.
No audit for them.Just fill up one page of ITR1 and dats all.It gets proceed in just a month or 2 months.No litigation at all for them.
They have full support and backup from their seniors.

Trading is already a tough game.Though we make some amount this year,there is no guarantee that we will make the exact same amount next year.May be we will make hardly 1L next year.
Then this high taxes(STT),slippage,internet connection issues,brokers terminal issue..
Then taxation part :annoyed:

I think we may make money or lose money or no income at all from trading-jut breakeven,we should simply pay 15k-20k to CA and get Audit done.

Now,thats the different part that CA himself wont show his actual income to IT Dept honestly :lol:,we as a trader,must be Honest at any cost. :thumb:

It is a simple case of you not filing your return properly. Why merge it with the larger debate on corruption. Every business/profession has its own rules of the game. No CA is forcing you to trade even when you are making losses! When you started trading, you knew the STT rates, the brokerage rates etc. And please don't include internet charges here. Even 10 year old kids have internet connection these days. It is a basic life expense!

With regards to honesty, as a CA, we see daily how many individuals in this country are really honest!

I have replied to your queries with great consideration. But you are going to pass aspersions on my profession, I would prefer to humbly withdraw from this conversation.

 

[Kashasathi]

I have replied to your queries with great consideration. But you are going to pass aspersions on my profession, I would prefer to humbly withdraw from this conversation.

Just because of CA's ignorance I'm facing this issue dear CA Nikhil.
I have paid money for filing return.IF CA told clearly that its an audit case,I'd have paid the amount,no??

You haven't provide any solution to any of my query.Even my CA is not taking the responsibility of filing wrong return.

And about honesty etc..man,you are on the forum to get clients for auditing.You are not a trader.You are not here to help any of us.You just want easy clients here :annoyed:

Just because of your profession traders are facing issues.Small traders need audit because your CA lobby is attached with IT Dept,thats the brutal truth.

Get a Life.

 

[newuser_RK]

Just because of CA's ignorance I'm facing this issue dear CA Nikhil.
I have paid money for filing return.IF CA told clearly that its an audit case,I'd have paid the amount,no??

You haven't provide any solution to any of my query.Even my CA is not taking the responsibility of filing wrong return.

And about honesty etc..man,you are on the forum to get clients for auditing.You are not a trader.You are not here to help any of us.You just want easy clients here :annoyed:

Just because of your profession traders are facing issues.Small traders need audit because your CA lobby is attached with IT Dept,thats the brutal truth.

Get a Life.

Relax buddy, Nikhil is solicitating but he has also helped many ....

Also no profession is clean these days, let's keep this honesty thing out of discussion. I know CAs who cillude with taxman to get their clients IT notices so that they both can milk the situation....

Sent from my AO5510 using Tapatalk

 

[lemondew]

Hasnt ur doubt been cleared? I also had wrong filing issues by my first CA. Some CAs file it wrongly and then we just ve to take some more expenses. worse if he isnt able to help more on it.

Find a guy who understands better and move on ......

Nikhil/xray are doing good helping here...

It is a simple case of you not filing your return properly. Why merge it with the larger debate on corruption. Every business/profession has its own rules of the game. No CA is forcing you to trade even when you are making losses! When you started trading, you knew the STT rates, the brokerage rates etc. And please don't include internet charges here. Even 10 year old kids have internet connection these days. It is a basic life expense!

With regards to honesty, as a CA, we see daily how many individuals in this country are really honest!

I have replied to your queries with great consideration. But you are going to pass aspersions on my profession, I would prefer to humbly withdraw from this conversation.