Traders - Compliances under Revised 44AD

[Rohitt]

Bhai, this will come under suppression of fact or misrepresentation of facts (or something like like). If caught, then heavy penalties are likely to be imposed. Regarding quantum of penalty etc, I do not know, but you can search in internet.

Bhai , searched the internet and found that penalty of 0.5% of turnover or max 1.5 lakhs & 25 thousand for not auditing may be imposed as this is the case of not auditing & there is no tax evasion . If asked why there is mismatch of turnover , than it can be answered that I don't know tax filing & CA has done it & in future will ensure that it will not happen . I think it is sufficient for small retail trader who is already in loss .

Is it correct ?

 

[traderniftybull]

Bhai , searched the internet and found that penalty of 0.5% of turnover or max 1.5 lakhs & 25 thousand for not auditing may be imposed as this is the case of not auditing & there is no tax evasion . If asked why there is mismatch of turnover , than it can be answered that I don't know tax filing & CA has done it & in future will ensure that it will not happen . I think it is sufficient for small retail trader who is already in loss .

Is it correct ?

Bhai, I am no CA or tax expert, so as to comment, whether it is sufficient or correct or not.
But if you have got assessment done for that particular year, then less chances of occurrence of any problem, unless someone makes a complaint. My view only.

 

[FnOtrader80]

I have been paying income tax on other income, but FNO audit this is my first. So want to know what needs to be given to the CA for FNO audit. If it is contract notes then, there will be one for every day! Do all these have to be printed out and given, unfortunately, my CA is not familiar with FNO, so this will be first time for him as well!

No Need to print contract notes. What i do is store all my contract notes year wise on google drive and send the link to my CA for audit. Apart from P/L statement you will also need to provide ledger issued by your broker and your bank account and and bills for expenses you will be claiming like internet / mobile / office rent etc.

 

[FnOtrader80]

Bhai, I am no CA or tax expert, so as to comment, whether it is sufficient or correct or not.
But if you have got assessment done for that particular year, then less chances of occurrence of any problem, unless someone makes a complaint. My view only.

This is not correct. You can get scrutiny notice even if your return is processed & intimation under section 143(1) issued. Happened with me.

 

[traderniftybull]

This is not correct. You can get scrutiny notice even if your return is processed & intimation under section 143(1) issued. Happened with me.

Thats right
I missed this point in a hurry.

BTW, yours was also similar wrong filing by CA
or
Just simple scrutiny case

 

[FnOtrader80]

Thats right
I missed this point in a hurry.

BTW, yours was also similar wrong filing by CA
or
Just simple scrutiny case

I had filed myself and used ITR 4S as my profit was more than 8 % of my turnover but after receiving scrutiny notice i realized i had calculated turnover wrongly and showed bank balance under cash in hand so that might be a reason. Proceedings have not started in my scrutiny case so far.

 

[Rohitt]

This is not correct. You can get scrutiny notice even if your return is processed & intimation under section 143(1) issued. Happened with me.

Sir what is the maximum time period till we can get notice after return is processed ?

 

[Rohitt]

Bhai, I am no CA or tax expert, so as to comment, whether it is sufficient or correct or not.
But if you have got assessment done for that particular year, then less chances of occurrence of any problem, unless someone makes a complaint. My view only.

Nikhil sir , need your view on the above issue .

Thanks

 

[newuser_RK]

Nikhil sir , need your view on the above issue .

Thanks

One can get notice for ones income from past 7 years and in exceptional cases even last 15 years

Sent from my AO5510 using Tapatalk

 

[traderniftybull]

@ Rohitt
Bhai, did you yet to get your asstt. order or got already.
Bhai jo galti honi thi ho gayi hai, ab us galti ke peeche apni neend mat kharaab karo. Though I know it is easy to say.
You can not do anything now, IMO
OR

provision of correction is still available, in your case.

Lets wait for CANikhil comments.