received LETTER from income tax

#1
hi,

Yesterday I received a letter from income tax

sub: Non Filing of income tax Return - reg:

"The Income tax department has received information on financial transactions/activities relating to you. A list of some of the information for financial year 2013-14 is provided below. As per records, you do not appear to have filed income tax returns for Assessment Year(s) 2014-15

[2013-14, STT-03 -- Sale of equity share (settled otherwise than by the actual delivery or transfer) in a recognised stock exchange.)


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On october 2013 i earned nearly 10000 in cash intraday trading.. and win a zerodha certificate also.. my salary will come 2 lakh per annum only.. ...


so now what to do.. ... pls advice.
 
#2
hi,

Yesterday I received a letter from income tax

sub: Non Filing of income tax Return - reg:

"The Income tax department has received information on financial transactions/activities relating to you. A list of some of the information for financial year 2013-14 is provided below. As per records, you do not appear to have filed income tax returns for Assessment Year(s) 2014-15

[2013-14, STT-03 -- Sale of equity share (settled otherwise than by the actual delivery or transfer) in a recognised stock exchange.)


---------------

On october 2013 i earned nearly 10000 in cash intraday trading.. and win a zerodha certificate also.. my salary will come 2 lakh per annum only.. ...

so now what to do.. ... pls advice.
Get details of profits earned from trading in the full financial year and your salary income.Prepare a computation sheet and convince the ITO that you don't have taxable income.

Smart_trade
 

canikhil

Well-Known Member
#3
hi,

Yesterday I received a letter from income tax

sub: Non Filing of income tax Return - reg:

"The Income tax department has received information on financial transactions/activities relating to you. A list of some of the information for financial year 2013-14 is provided below. As per records, you do not appear to have filed income tax returns for Assessment Year(s) 2014-15

[2013-14, STT-03 -- Sale of equity share (settled otherwise than by the actual delivery or transfer) in a recognised stock exchange.)


---------------

On october 2013 i earned nearly 10000 in cash intraday trading.. and win a zerodha certificate also.. my salary will come 2 lakh per annum only.. ...


so now what to do.. ... pls advice.
just send a single page reply stating the details of your income. As long as it is below Rs 2.5 lakhs, no need to worry about the notice and filing of return.

you may attach salary slips and details of profit made in stock market alongwith the reply.
 
#4
Hi

You can just file a reply online with relevant information, there is no need to even go and meet the ITO.

It is a very simple process, just create an ID on their website and the notice/query will be there mentioned against your PAN,
give a very brief answer, do not volunteer extra information :)

In your case just mention

Income from Salary 200 K
Trading income 10 K

Total 210 K

That's why did not file the return.


You can refer to this article

http://incometaxreturnindia.com/inc...ompliance-non-filing-of-returns/#.VygG5NR97wc

or as usual google for more

Happy :)