Income Tax Notice

#1
I have got a income tax notice saying that for FY 09-10 as per Information Code CIB-321, I have made share transactions of 20000/- or more and that i have not filed any IT return.

Even though there is one transaction above 20000 my taxable income is way below the IT exemption limit. Short term capital gains for year is Rs. 23000, Interest income less than Rs. 1000 .I have no other income

So should I just say that I have no taxable income so no IT return was filed?
 

mmca2006

Active Member
#2
I have got a income tax notice saying that for FY 09-10 as per Information Code CIB-321, I have made share transactions of 20000/- or more and that i have not filed any IT return.

Even though there is one transaction above 20000 my taxable income is way below the IT exemption limit. Short term capital gains for year is Rs. 23000, Interest income less than Rs. 1000 .I have no other income

So should I just say that I have no taxable income so no IT return was filed?
Yes , you can just write that you do not have taxable income, no harm, Many traders who didn't file IT return , got this type of letters from dept, but be careful Dept. is watching about trading activity.:)
 
#3
I got also same notice cmb-321, for not filing return from 2009 to 2012.
Also i replied same as NON taxable income for all years from 2009.
All year their is big loss.
But my turnover (total buy amount+Total sell amount) for each year is more than 1 crore. My total Transcation are pure on CASH INTRADAY AND DELIVERY(1-6-9 MONTH).
So is their any activity do to prepare Audit ?
On trdaerji.com website , i read that for Intraday trader no requirement of to do Audit.
Please help me what to do next???
 
#4
Yes , you can just write that you do not have taxable income, no harm, Many traders who didn't file IT return , got this type of letters from dept, but be careful Dept. is watching about trading activity.:)
I also got such notice & replied the same way. Is there anything further can be asked to provide as I didn't maintained any records.

Anyone who replied such notice got any further enquiry from IT please help.
 

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