Fire your tax related queries and i would get it solved!!!

[startrade]

Hi Aroraji/startrade,

You have seen my post and I have received from IT for rectifying my previous returns.

Since you have got different notice, if you can tell me how and what is the progress in your case than it will help me. What all information did your AO ask you, was it related only to derivative trading or all incomes details he asked to produce.

Thanks

My CA went to meet the AO and submitted the copies of contract notes for delivery trades only. AO kept the papers and that is it. He has not asked for any more papers for now and I hope it remains that way only.

Neither my bank account statement nor the copies of contract notes for futures and options trades have been submitted. In my case notice was only for "Securities transactions" and not for derivatives.

My CA will meet the AO when he visits the IT office again in 10-15 days and check the status.

My personal tax returns have been scrutinized even in the past and I can tell you that IT officer can continue to issue notice after notice for the next 1 year in this same case of scrutiny.

So your case will probably take time before it is closed for good. Stay cool and be mentally prepared to make a few rounds of IT department.

 

[Square]

Thanks for your detailed reply. This will really help.

 

[Square]

I am able to receive PM but blocked to reply on PM. So I may respond in open thread only.

Edit : I can send PM as well now.

 

[Square]

I conclude for notice u/s 154 there is no need to worry. It is only notice u/s 143 which has to be attended. So people who have just received notice u/s 154 should not worry as of now, I guess.

 

[jain.er]

My CA went to meet the AO and submitted the copies of contract notes for delivery trades only. AO kept the papers and that is it. He has not asked for any more papers for now and I hope it remains that way only.

Neither my bank account statement nor the copies of contract notes for futures and options trades have been submitted. In my case notice was only for "Securities transactions" and not for derivatives.

My CA will meet the AO when he visits the IT office again in 10-15 days and check the status.

My personal tax returns have been scrutinized even in the past and I can tell you that IT officer can continue to issue notice after notice for the next 1 year in this same case of scrutiny.

So your case will probably take time before it is closed for good. Stay cool and be mentally prepared to make a few rounds of IT department.

Hearing all these I feel depressed. I paying so much taxes and still there is a risk that the tax authority can harass me. I have heard an incidents where people have committed suicides due to harassment by tax officials. Middle class should be exempted from this torture, we are meeting our end needs wohi baht hai....

Sent from my AO5510 using Tapatalk

 

[startrade]

Hearing all these I feel depressed. I paying so much taxes and still there is a risk that the tax authority can harass me. I have heard an incidents where people have committed suicides due to harassment by tax officials. Middle class should be exempted from this torture, we are meeting our end needs wohi baht hai....

Sent from my AO5510 using Tapatalk

Just around 2.5% of the population of our country pays income tax. We (the taxpayers) are supporting the rest 97.5% of population. So take the harassment as a reward for your hard work.

I run a small business and trading is not my full-time profession. After a few frustrating incidents with various tax departments, I hired a CA few years back who is handling the job of making rounds of sarkari departments on my behalf. Though it is an expensive proposition but I guess peace of mind is worth more than anything else.

 

[Aman1]

I'm salaried and had some loss in futures trading but did not mention it in itr. is it a problem for me?

 

[ankur07090]

I'm salaried and had some loss in futures trading but did not mention it in itr. is it a problem for me?

Me too...

 

[FnOtrader80]

I'm salaried and had some loss in futures trading but did not mention it in itr. is it a problem for me?

It could be a problem in future if your return is selected for scrutiny, it is better to file a revised return with audit done , you will also be able to carry forward your loss and avoid future headache.

 

[jain.er]

I'm salaried and had some loss in futures trading but did not mention it in itr. is it a problem for me?

Bhai yeah HINDUSTAN hai, yahan loss khaa ke bhi tax bharne wale ki maari jaati hai kyonki woh records mein hai, wahni crorore kee black money foreign mein hai uskaa kuch nahi kyonki wahh out of record hai.
So either get a audit or pay 8% tax on turnover.whichever is cheaper else one day u will get a love letter since u r not a sarkari damad...

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