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

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balance with the broker will show as other assets (not as cash)

for cash in hands, you can show the bank account balance linked with the trading account
Thanks for your reply. Somehow I missed it. I have a new query. What is sundry debtors and sundry creditors for traders that I have to fill in the ITR? Thanks in advance.
 
Sir,
I have following question regarding Income Tax for Traders. Can you please clarify.

1. How should we arrive at 2 Crore of turnover. Should we add Turnover of both Speculative Trade(Intraday) and Non Speculative(FnO) to arrive at final turnover or both of them are calculated separately ?

2. Rule says that we should get our accounts audited if profit is less than 8% of turnover. say my total capital is 10k and am in net loss of 2K. Then as per law i should get my accounts audited. That means a trader with a capital of 10K will have to pay 5-6K to auditor to get the books audited ? Or am i missing something ?

3. What happens if my trading profit falls under 8% and i dont get my account audited ?
 
Hello,

My question is regarding the latest notice u/s 143(3) I have received from Income Tax Department for A.Y. 2015-2016. In this notice, apart from asking documents, ITO has made a comment that I have not complied with previous notices served in this regard and penalty u/s 271(1)(b) may be imposed. However, this is a false statement. Please advice what steps I can take at the appearance for current notice on 18th August so that such misrepresentation can be denied by me with proof in future.

History of the case is as follows:
For the Assessment year 2015-2016, I have received 3 notices till date as follows:

1) Notice u/s 142(1) dated 21st September 2016

2) Notice u/s 143(2) dated 21st September 2016

3) Notice u/s 142(1) from ITO dated 30th January, 2017 without any reference number.

For notices of serial number 1 and 2 above, I visited ITO on 29th September, 2016 and made all the required submissions as per the notices. I received acknowledgment of the same signed by ITO on the xerox copy of the cover note. Also, I sent confirmation email after the meeting. For notice of serial number 3, I visited ITO on 7th February, 2017 and apprised him of the fact that I have already made the required submissions and I was told not to make any further submissions if I have already made submissions to prior notices. I sent a confirmation email after the meeting. I have not received any acknowledgment from ITO via email for any confirmation emails though. Hence, I have complied with all notices issued to me by Income Tax department till date.

I have taken acknowledgement on xerox copy of cover note during my meetings and sent emails to official email ID of ITO after each meeting and still I get the notice that I have not complied with previous notices. Kindly guide me if there are some additional measures I need to take to mark my attendance for each notice so that any wrongful penalty is not imposed on me even when I comply with ITO notices.
 
Hello,

My question is regarding the latest notice u/s 143(3) I have received from Income Tax Department for A.Y. 2015-2016.Kindly guide me if there are some additional measures I need to take to mark my attendance for each notice so that any wrongful penalty is not imposed on me even when I comply with ITO notices.
Hello Lonstud, Well this is taking harassment to altogether another level. Anyways take the following along if you plan to attend personally. (Although i would suggest you to take assistance of a CA)
- A letter which states all the above facts contained in your post
- Copy of the acknowledgement of cover note ( DON'T GIVE HIM THE ORIGINAL)
- Printouts of all the emails sent to the ITO with sent date and time displayed.
This time dont take his signature ,get tapkal - (stamped photocopy of each page you are submitting)

As for the penalty the ITO just cannot impose a penalty without first giving you a showcase notice. These are just intimidation tactics used by them to scare you. If you paid your due taxes don't worry at all coz even if a penalty is imposed you can always file an appeal against it. All the best.
 
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Thank you FnOtrader80 for your advice. I have prepared cover letter and documents as stated in your post.

I have prepared six pages of reply along with about 140 pages of additional documentary proof (this is in addition to about 250 pages which have already been submitted in September 2016). I have made photocopy of six pages of reply(which includes details about every query issued in notice along with clarification with respect to my previous appearances, and also documents submitted along with their number of pages). I planned to get ITO's signature on the six pages of reply. But I am not aware what is "tapkal" nor I could find any reference for it on google. I'll appreciate if you could explain the procedure to get this "tapkal".

a) Do I tell income tax officer that provide me tapkal for all 150 pages of current submission or just the 6 pages of the reply?

b) will ITO make photocopy or do I need to make photocopy of remaining 140 pages?

c) are there any charges to get "tapkal". If yes, can I simply make payment via cash or do I need to take my cheque book as well?
 
FnOTrader80, Thank you for providing clarification and I appreciate your help.

I still require clarification regarding this DAAK/Tapkal department and how it works.

When I visit Income Tax office tomorrow, should I first visit DAAK department? If yes, will they stamp my submission and return me the files to submit to ITO? If DAAK department keeps the submissions to themselves to forward to ITO, should I simply inform ITO that I have submitted my reply to DAAK department?

Thank you again for your guidance.
 
Yes visit daak department and submit you documents there , they will give you stamped photo copies and send them to the concerned officer. Then visit the officer and show him the stamped photocopies and to make double sure get acknowledgement on the six pages you were talking about from him too. You are most welcome.
 
Thank you again, FnOTrader80.

My appointment is tomorrow at 11:00 am. I am thinking of visiting Income tax department at 9:30 am so as to give DAAK depatment enough time to give stamped photocopies of 140 pages.
 

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