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

Are you able to understand the replies and act accordingly to this thread ??

  • Yes, able to understand BUT NOT able to take suggested course

    Votes: 0 0.0%
  • Somewhat able to take desicions, BUT seek professional help in my area

    Votes: 0 0.0%
  • Find it tough to understand the replies hence always seek other professional help

    Votes: 0 0.0%
  • Not able to understand any of the replies !!!

    Votes: 0 0.0%

  • Total voters
    4
  • Poll closed .

wisp

Well-Known Member
See what happens is that all the trading activities be it in F&O, commodities, equity market are reported to Income-tax department. So one way or the other, they know that you have traded. But they don't know whether there is any taxable income or not.

Now, lets assume that there is a loss but then the audit becomes applicable if conditions under 44AB were satisfied. In such a case you are still liable for penalties for non-compliance with 44AB.
Hi, thanks a lot, is this the correct non-compliance of 44AB penalty?
Penalty for non-compliance http://relyonsoft.com/blogs/penalty-for-non-compliance-of-section-44ab/

Are there any other consequences?
 

milkyblack

Well-Known Member
i believe your query was what if only salary tax return is filed. So the my comment was in response that particular query.

Even if you file ITR-4S, the officer has the right to verify your turnover.
Yes, incase of salary income where the income for the fy is more than the exemption limit. Authority would check the turnover, but say was in loss, like many salaried people do have. But then files a return showing 8 percent of TO, rather than going for an audit. So this is also as per law I guess.
 

canikhil

Well-Known Member
Yes, incase of salary income where the income for the fy is more than the exemption limit. Authority would check the turnover, but say was in loss, like many salaried people do have. But then files a return showing 8 percent of TO, rather than going for an audit. So this is also as per law I guess.
the core issue that leads to disagreement with tax authorities is the definition of turnover itself...audit or not audit is secondary.
 
there is a saying
chit bhi meri, pat bhi meri anta mere baap kaa.
Means, do/choose whatever, its me who has the last laugh

So is our IT department,
do whatever, its we (the ITO) who has all doors open, to trouble you.

Ridiculous rules, (particularly for FnO/option trading)

So it would be best to have friendly relations
 
tension mat do yaar mujhe!!:D
1.Salary
2.f&O turnover 3,76,121
3. F&O = loss

44AB lagu hoga kya?

Tension ke baat to ho gayi hai, mere bhai.
Now it will depend on your salary amount.

BTW, I suppose the details you have posted is of last FY and you have already filed your ITR. Then which ITR you have filed.
 
I have received IT refund for AY 2016-17 and my Tax Assessment status says "IT Return Processed " and Refund sent to SBI.

But I have not received intimation under section 143(1) for completion of assessment or Assessment order....will it follow later on ? Normally I get such intimation.

Smart_trade
 
Bhool sudhar ki date abhi 30 sept. hai kya?

audit karvane ki aur rectify karne ki.
Bhai,
bhool sudhar ki gunjaish to hamesha hi rehti hai.

But now you must consult some professional or a CA, taki phir koi aur bhool na ho.

Now you have 2 options,
- Post your problem in detail here and Nikhil Sir will suggest you about further course of action.
- And if, you do not want to post in detail here, then contact a CA in your city, who knows about/proficient in, F&O audit.
 

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