Are You Covered Under Tax Audit

One more option for traders

https://cleartax.in/business/partner-zerodha

You can hold grudge against govt / rules / CA lobby etc etc but you cannot accuse him in particular of not helping. Just look back in this thread ...

Yes bhai, very rightly said.
Though he has no compulsion, but he helped us with best of his capacity. :clap:

I am sure response to defective return will get rejected.
My concern is how much time will it take to reject or proceed this return?
1 month,2,3,4...?
-I will be restless till that time and wont be able to concentrate on trading at all.

What is the next step?Will I attract any penalty for not maintaining books of account??
IF yes,how much??

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I have read many stories of bad Police all the time.I read in newspaper,watch on a television everytime and I said to myself that-NO,those stories are fake.People are not good,thats why that police may have reacted that way,I bet,it wont happen with me.
But someday,without my fault the police is troubling me for some nonsense thing,just for some evil intention :O
What would be my reaction?

Same way,I have read stories about CA's and corrupt IT Officers all the time.I thought CA is very qualified person,but many don't file a basic return properly when you give them all those documents.What should I call them??

Many traders are facing this issue of wrong filling,why?
Even after undergoing audit,people are getting notices.

As a trader all my transaction are open.But being a CA,Doctor you guys can hide your profit,that was my funny comment which is the brutal fact.

Help me with above queries or leave me on my fate.We know,final step is paying bribe for a crime which you haven't committed :thumb:

if a trader is found that he was manipulating/reducing his profits by taking loss by some other broker what kind of penalty or action can be taken against him ??

no penalty,no action.

Profit 100Rs-Loss 60Rs(Purposely Taken)=Gross Profit 40Rs (or no profit)

jail without bail

Each trader is now receiving sms on turnover assigned to his PAN number so it is not possible !!!

:lol::lol:

banda jaanbuz ke loss karna chahata hai,turnover limit agar cross hua to audit to karna hi hoga,varna penalty/jail nahi hogi.

darao mat yaaro,trader community already dari huyi hoti hai :lol:

In 2015-2016assessment year..i had uploaded ITR 1..if i had not gained from intraday trading on that year..can i be under audit..as i had huge turn over on that year.