Just a general response to those facing IT scrutiny based on my experience, though if you have doubts consult your CA.
* Take along with you ledger copy and turnover report.
* Printout/XL summary of turnover and P&L
*Since the notice is related to trading, the above two will suffice. And if any further information is required, you can provide on the subsequent visit.
* IT Officers are busy, but have targets especially considering the amnesty scheme declared by the govt. They really do not have time to waste on scrutiny of traders as the Turnover, P&L of the traders is already known to them from brokers side. Traders cannot manipulated any information regards the above so returns filed along with the the ledger copy and transaction report will match their figures as well. And if these are presented to the dept. along with any clear and logical answers to questions asked, there will not be any further questions.
* Other than the above, question that can be asked is regards to capital employed and source of capital.
Good luck folks. Do update this thread with your experience and observation for the benefit of other traders. :thumb:
* Take along with you ledger copy and turnover report.
* Printout/XL summary of turnover and P&L
*Since the notice is related to trading, the above two will suffice. And if any further information is required, you can provide on the subsequent visit.
* IT Officers are busy, but have targets especially considering the amnesty scheme declared by the govt. They really do not have time to waste on scrutiny of traders as the Turnover, P&L of the traders is already known to them from brokers side. Traders cannot manipulated any information regards the above so returns filed along with the the ledger copy and transaction report will match their figures as well. And if these are presented to the dept. along with any clear and logical answers to questions asked, there will not be any further questions.
* Other than the above, question that can be asked is regards to capital employed and source of capital.
Good luck folks. Do update this thread with your experience and observation for the benefit of other traders. :thumb: