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

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Just back from Income Tax department.

ITO's excuse for mentioning that I have not complied with the previous notice was that they misplaced my file earlier. They have found the submissions now. Ofcourse, ITO did not give that in writing.

Now after making submissions of 400 pages, they want some form 10DB from each of my brokers.

He started demanding proof of previous year's income, proof of all investments I have made before the year in question and various other things. After getting frustrated for one and a half hours, I told him that I shall make submission of Form 10DB only and asked him to provide me with notice of complete scrutiny for all other queries if he is going for fishing expedition. At this point, he started threatening that it is very simple for him to convert my case for complete scrutiny and that he can impose penalties on me. I informed him that it is fine by me if he converts my case for complete scrutiny and I shall await for such notice in post.

I am now sending email requests to my brokers asking for Form 10DB for the year in question and will visit ITO again when I receive them.
 

canikhil

Well-Known Member
Just back from Income Tax department.

ITO's excuse for mentioning that I have not complied with the previous notice was that they misplaced my file earlier. They have found the submissions now. Ofcourse, ITO did not give that in writing.

Now after making submissions of 400 pages, they want some form 10DB from each of my brokers.

He started demanding proof of previous year's income, proof of all investments I have made before the year in question and various other things. After getting frustrated for one and a half hours, I told him that I shall make submission of Form 10DB only and asked him to provide me with notice of complete scrutiny for all other queries if he is going for fishing expedition. At this point, he started threatening that it is very simple for him to convert my case for complete scrutiny and that he can impose penalties on me. I informed him that it is fine by me if he converts my case for complete scrutiny and I shall await for such notice in post.

I am now sending email requests to my brokers asking for Form 10DB for the year in question and will visit ITO again when I receive them.
Your broker must have already sent you Form 10DB. Please check your communications with the brokers. This is a mandatory form that the brokers have to issue every year.
 
I have checked emails from all three brokers viz. Zerodha, Composite edge and Interactive Brokers, with whom I have dealt with for year FY 2014-2015. I am not able to locate form 10DB for any of them. If they sent via post, then I cannot recall receiving them or I might have discarded them. Anyhow, I have emailed all three brokers to provide from 10DB.
 
Just back from Income Tax department.
Now after making submissions of 400 pages, they want some form 10DB from each of my brokers.
Even i was asked for the same for 10db which make no sense at all when the full years STT is mentioned in the Profit & Loss statement. Just for harassment sake. They even ask for the same statements from your broker as well.
You handled it very well by not getting intimidated which they expect from a layman.
 
Interactive Broker has already reverted back with my query. They said F0rm 10db can be filled by myself as it does not require broker signature. Interactive broker also provides annual STT statement which has same value of transactions as mentioned in the NSE report to income tax department. I am also attaching same with my next reply. Awaiting similar reports from Zerodha and Composite edge.

At the end of meeting, he refused to put these requirements in the order sheet for my assessment file and just gave a verbal instruction to provide form 10DB. I have decided to follow verbal order for this time. If in the next meeting as well, he asks for further submissions, then should I insist on written notice?
 

canikhil

Well-Known Member
Interactive Broker has already reverted back with my query. They said F0rm 10db can be filled by myself as it does not require broker signature. Interactive broker also provides annual STT statement which has same value of transactions as mentioned in the NSE report to income tax department. I am also attaching same with my next reply. Awaiting similar reports from Zerodha and Composite edge.

At the end of meeting, he refused to put these requirements in the order sheet for my assessment file and just gave a verbal instruction to provide form 10DB. I have decided to follow verbal order for this time. If in the next meeting as well, he asks for further submissions, then should I insist on written notice?
this is strange...SBICAP sends me my form every year...
 

iTrade

Well-Known Member
Just back from Income Tax department.

ITO's excuse for mentioning that I have not complied with the previous notice was that they misplaced my file earlier. They have found the submissions now. Ofcourse, ITO did not give that in writing.

Now after making submissions of 400 pages, they want some form 10DB from each of my brokers.

He started demanding proof of previous year's income, proof of all investments I have made before the year in question and various other things. After getting frustrated for one and a half hours, I told him that I shall make submission of Form 10DB only and asked him to provide me with notice of complete scrutiny for all other queries if he is going for fishing expedition. At this point, he started threatening that it is very simple for him to convert my case for complete scrutiny and that he can impose penalties on me. I informed him that it is fine by me if he converts my case for complete scrutiny and I shall await for such notice in post.

I am now sending email requests to my brokers asking for Form 10DB for the year in question and will visit ITO again when I receive them.
Does not the CA who files your returns help in these matters? Ideally CA should take care of all these meetings or not?
 
He can and did offer to attend these meetings. But there were two issues with this: 1) He would not do it for free. He has charged me for auditing services. For scrutiny meetings, charges will be extra. 2) My family's experience with CA handling scrutiny assessment has not been good till now. For my brother's and father's assessment, both had different CA and both informed us that Income Tax office would settle the matter after receiving bribes. To avoid harassment, bribe was paid. But I do not want to pay bribe and hence I am attending these meetings myself. In one of the meetings, ITO asked for contact number of my CA but I plainly refused stating that I am here to attend meetings and I am not involving CA for this. As is usually the case in my city(Surat), they want CA to act as mediator so that they can settle the bribe issue through them.
 

canikhil

Well-Known Member
He can and did offer to attend these meetings. But there were two issues with this: 1) He would not do it for free. He has charged me for auditing services. For scrutiny meetings, charges will be extra. 2) My family's experience with CA handling scrutiny assessment has not been good till now. For my brother's and father's assessment, both had different CA and both informed us that Income Tax office would settle the matter after receiving bribes. To avoid harassment, bribe was paid. But I do not want to pay bribe and hence I am attending these meetings myself. In one of the meetings, ITO asked for contact number of my CA but I plainly refused stating that I am here to attend meetings and I am not involving CA for this. As is usually the case in my city(Surat), they want CA to act as mediator so that they can settle the bribe issue through them.
unfortunately this is how the system is. E-assessments have helped but it will take time to make it really difficult for the tax officers to ask for favors.
 

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