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

[FnOtrader80]

Yes, sent them email. let's see what reply i will get. Will update here

If you dont get reply till 22nd august its better visit the officer on given time.

 

[Square]

Hi Aroraji,

I also do derivative transaction. So I want to know the criteria for your selection Are you a large player? Are small retail traders not eligible for selection. Kindly update with your information.

 

[startrade]

I received a notice u/s 143(2) from IT department. Which is as follows:

Subject: Limited scrutiny

This is for your kind information that the return of income for AY 2015-16 filed via ack No. xxxxx on xxxxx has been selected for scrutiny. Following issues have been identified for examination:
1. Securities transaction

I have been asked to send in supporting evidence by 19, August, 2016. I am in Delhi NCR.

During the year for which this return was filed, I was trading both in delivery segment for equities as well as in F&O segment. I had some rental income from a property as well as income from interest on bank fixed deposits.

All applicable tax on rental income as well as bank FDs was paid by me and is mentioned in return.

I made some profits in delivery segment and paid short term capital gain on that amount. The losses that were booked in F&O segment were not declared in the return and were not carried forward as I am no longer trading in F&O and trading very less in delivery segment, so probably will not have profits to set off against the old losses.

Now I have 2 questions:

1. Given that the notice is titled "Limited scrutiny" and it also mentions "Securities transaction", can the IT officer ask to verify all the F&O transactions also? Can I assume that the IT officer will not go beyond my trades in delivery segment?

2. Will he look into my rental income and bank FDs also and also look into the source of funds for buying rental property in 2009 or bank FDs that were made in 2011?

Please note that Derivatives or Futures and options is not mentioned in the notice that I have received.

I wonder how many documents from the past I have to collect...

 

[Square]

I received an email from Income Tax CPC as follows:

Please find attached, the order relating to Rectification under Section 154 of Income Tax Act, 1961, for PAN XXXXXXXXXX with respect to the Income Tax Return filed for Assessment Year 2015-16.


In the attachment it was written:

Your return for the above mentioned assessment year will henceforth be rectified by your Assessing Officer
XXX/X/000/0 . You are requested to contact your Jurisdictional assessing officer for any rectification related issues.

There was no refund or due for this Return. Also I have not filed any rectification from my side. Neither have I received any intimation u/s 143 asking for rectification.

I have seen google responses to similar question but what I couldn't find is that how the assesses managed to handle this later. If someone who has gone through similar notice can share his experience till the closing of such matter, I shall be highly grateful.

Please note that this is pertaining to AY 2015-16 i.e. not for current AY 2016-17 which I had filed last month. I had done derivatives transaction last to last year too.

 

[nac]

I received an email from Income Tax CPC as follows:

Rectification is correction. He has corrected something in your ITR. See what's the correction, if you have any issues with the correction contact your local IT office.

 

[Square]

Rectification is correction. He has corrected something in your ITR. See what's the correction, if you have any issues with the correction contact your local IT office.

But this is pertaining to last to last FY i.e. returns for FY 2014-15 (AY 2015-16). I had received email from CPC Bengalure for this returns u/s 143 stating there is no refund or due. Hence as per that my processing was done. The same status "ITR Processed" shows in the ITD online site.
So my question is how can they reopen the "Processed ITR" and do rectification. If some of you have received such email then views would be helpful. Or has they sent it by mistake.

Also I have not received any copy of corrected ITR, it is just this email. There is no date deadline etc mentioning me to act or meet.

 

[nac]

But this is pertaining to last to last FY i.e. returns for FY 2014-15 (AY 2015-16). I had received email from CPC Bengalure for this returns u/s 143 stating there is no refund or due. Hence as per that my processing was done. The same status "ITR Processed" shows in the ITD online site.
So my question is how can they reopen the "Processed ITR" and do rectification. If some of you have received such email then views would be helpful. Or has they sent it by mistake.

Also I have not received any copy of corrected ITR, it is just this email. There is no date deadline etc mentioning me to act or meet.

If it was already processed, check your inbox for the intimation and download the PDF and see if there was any rectification in their assessment.

 

[Square]

If it was already processed, check your inbox for the intimation and download the PDF and see if there was any rectification in their assessment.

There is no intimation in the Inbox or any place on the IT site. So should I now forward this email to my local AO and ask him. I think this is the only option now.

 

[Square]

Hi Aroraji/startrade,

You have seen my post and I have received from IT for rectifying my previous returns.

Since you have got different notice, if you can tell me how and what is the progress in your case than it will help me. What all information did your AO ask you, was it related only to derivative trading or all incomes details he asked to produce.

Thanks

 

[nac]

There is no intimation in the Inbox or any place on the IT site. So should I now forward this email to my local AO and ask him. I think this is the only option now.

I don't know if they would respond via email.

Usually, after your ITR processed they would send you the "intimation". This file contains what they have computed against what you have claimed. It looks like the image I am posting.