Good Cas who can file properly

[aja]

Bhai I am not talking about IT notice , I am asking about IT return I.e. once any IT return is processed successfully than in future is there any chance to get notice for various reasons .

Sorry for asking many questions

typo corrected

If you are filling wrong information in ITR,hiding big transactions(Black),Availing benefit by submitting 15G at Bank(Hiding TDS),Hiding Property Buy/Sell or
next year you showing tremendous increase in your Income then you will get IT Notice.

 

[Rohitt]

Canikhil & xray sir , please clarify regarding my audit query as " traderniftybull " telling audit required while " aja " telling audit not required . Please request you to clarify the doubt.

Thanks.

 

[aja]

Canikhil & xray sir , please clarify regarding my audit query as " traderniftybull " telling audit required while " aja " telling audit not required . Please request you to clarify the doubt.

Thanks.

Best Luck finding your answers Rohitt. :thumb:

 

[traderniftybull]

Sir ,

1) what I mean is that the minimum total income of 2.5 lakhs above which we have to pay income tax cannot be reduced by deductions of 80 C for exemption to audit ?

2) if once the IT return is processed & we have got our refund than is there any chance that we get notice by IT department for various reasons in future ?

Please reply as much you know .

Thank you Bhai.

Bhai, you need not be so haste in your action, that you send a pm to get a reply, in an hour. We are helping here each other, but we do not have any obligation to help. We too have life beside TJ. Sorry, not good on your part.

I will suggest you to go through various taxation threads of TJ and posts of last 8-9 months atleast (and particularly posts by CANikhil) and it seems you do not have even basic knowledge about taxation system. You should know at least the difference between total income and total taxable income. Tax is charged on total taxable income (after availing all sorts of deductions) if above 2.5 L for an individual, who is below 60 years of age.

1. No you can not reduce by deductions, in this case. (as per the posts of taxation threads)
2. Do not know much about it, but IMO IT deptt. can reopen an assessed case within certain years, perhaps 7 or 8 years. Thats why it is mandatory to safe keep books of accounts and other information for such years.

BTW, for your general questions (and to gain knowledge about taxation), bhai, there is something called GOOGLE, take its help

 

[traderniftybull]

-If your turnover is 30L as you mentioned above,then you dont need any audit as your overall profit is > 8%

-If you invest 1.5 in PPF,you get a rebet in tax

-Income means Income,may it comes from Salary or any form.Deduction is not a part of Income.

-Zero tax for you as you are investing in PPF+you getting 2.5L Tax slab benefit.

IMO, it is not overall income but only trading profit is considered (to be more than 8%) for audit purpose.

But if total gross income (overall income) is less than 2.5 L (for an individual below 60 years of age) then no audit is required. Even then some other conditions are applicable and depends on case to case.

 

[traderniftybull]

Sirji , I didn't get any notice .

(1) I just want to know that if our IT return is processed successfully than in future is there any chance to get notice from IT department for various reasons?

(2) the total income above which we have to pay income tax is 2.5 lakhs , right . So consider my case

F&o turnover - 30 lakhs

Salary -2.4 lakhs
Interest amount - 40 thousand
F&o profit - 1 lakh
80 c deductions -1.5 lakhs

Total = 3.8 - 1.5 = 2.3 lakhs

By this I don't have to pay any income tax but whether the audit is required or not ?

Anyone please reply the correct & final answer.

Thanks

Yours is an audit case. Why, because of
1. Your total income is more than 2.5 L
and
2. your trading profit is 1L, less than 8% of your total trading turnover.

It would be a no audit case, only if your total income including trading income would be less than 2.5 L.

 

[aja]

@traderniftybull,he pmed me too.
Lagta hai bhai ke pass bohot maal hai..IT raid ka darr sata raha hai

 

[aja]

IMO, it is not overall income but only trading profit is considered (to be more than 8%) for audit purpose.

But if total gross income (overall income) is less than 2.5 L (for an individual below 60 years of age) then no audit is required. Even then some other conditions are applicable and depends on case to case.

The rule says income/profit should be > 8% for audit exemption.

If that's not the case then any trader making just 500rs from trading will have to undergo an audit.(inspite of Salary Income or FD inncome or any other Income).

You know I'm always in loss i.e., <8%
But after adding my FD interest,I dont fall in audit case.That is what my CA doing for me from last few years.Hope he's not filing wrong return.

 

[TraderRavi]

@traderniftybull,he pmed me too.
Lagta hai bhai ke pass bohot maal hai..IT raid ka darr sata raha hai

aree yaar IT notice se sab darte hain
usko bhi aaya hoga na
tabhi bhai dar raha hai

 

[TraderRavi]

You know I'm always in loss i.e., <8%
But after adding my FD interest,I dont fall in audit case.That is what my CA doing for me from last few years.Hope he's not filing wrong return.

he is 100% wrong filing
but who is doing audit except big traders
sab aise hi fill kar rahe hain :lol:
IT officer ko tax se matlab hai
chote mote traders ke audit se jyada matlab nahi rakhte
but koi khane pine wala ho to pareshan kar sakta hai