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

[canikhil]

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

Dear Square,

You don't have to do anything for this notice. Unless the AO issues a 154 order where in your return is processed in variance to the return filed by you, you don't have to do anything.

You need to watch out for two things:

1. If any tax demand is raised/refund is reduced

2. carry forward of losses is denied.

If any of the above is not happening, then don't bother at all.

 

[Square]

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.

Hi nac,

I have received such order in Sep 15 which mentions no refund and no due. So I assumed that my returns has been processed and the same status is shown in IT website.

 

[Square]

Dear Square,

You don't have to do anything for this notice. Unless the AO issues a 154 order where in your return is processed in variance to the return filed by you, you don't have to do anything.

You need to watch out for two things:

1. If any tax demand is raised/refund is reduced

2. carry forward of losses is denied.

If any of the above is not happening, then don't bother at all.

Ok, I guess you are right. But all this creates tension. I am a retail trader trading only Nifty futures. But with all such notices it seems that IT dept is keeping tab on the traders.

 

[jain.er]

Ok, I guess you are right. But all this creates tension. I am a retail trader trading only Nifty futures. But with all such notices it seems that IT dept is keeping tab on the traders.

Yes they are milking fearful small retail traders.
Keep you accounts, notes, everything perfect to avoid future headache.

 

[FnOtrader80]

Ok, I guess you are right. But all this creates tension. I am a retail trader trading only Nifty futures. But with all such notices it seems that IT dept is keeping tab on the traders.

Hi ,
My case is also carbon copy of yours. Received limited scrutiny notice u/s 143(2) and later 154 by email from cpc. As CAnikhil pointed out i guess we dont have to do anything. It seems CPC is automatically issuing these 154 notices to all those assesses whose returns have been selected for scrutiny.
Let them harass us as much as they want we will answer in 2019 elections

 

[Square]

Hi ,
My case is also carbon copy of yours. Received limited scrutiny notice u/s 143(2) and later 154 by email from cpc. As CAnikhil pointed out i guess we dont have to do anything. It seems CPC is automatically issuing these 154 notices to all those assesses whose returns have been selected for scrutiny.
Let them harass us as much as they want we will answer in 2019 elections

How do you plan to attend your case. Are you replying them? Or just ignore the notice.

 

[canikhil]

How do you plan to attend your case. Are you replying them? Or just ignore the notice.

You all need to respond to 143(2) notice. 154 is not relevant unless it is resulting in any change in refund/tax payable.

 

[FnOtrader80]

duplicate post... please delete.

 

[FnOtrader80]

How do you plan to attend your case. Are you replying them? Or just ignore the notice.

I went to the Income tax officer on the date and time given on the scrutiny notice. Submitted following documents
1)Cover letter stating my only business is trading in equity derivatives and income derived out of it has been duly disclosed in the income tax return. List of documents being submitted.
2)Computation of total income for the relevant year.
3)Profit / loss statement issued by broker
4)ledger statement issued by broker.
5)Bank statement with explanation for each entry for the relevant year
6)Income tax return filed for the relevant year
The officer took out a file which had my name and put the papers in it. He told me my case will be taken only next year as mine was AY2015-16 and currently cases of AY 2014-15 are under process.
Lastly i took his signature on a copy of cover letter 1 as proof that i have visited and submitted documents.
I will keep updating as things proceed.

PS. Officer was quite friendly and i asked him why small traders like us are being selected for scrutiny even those who have made losses he told me even slum dwellers who get homes under SRA have been issued notices ! according to him since last year number of cases selected under CASS have increased manifold thanks to aggressive finance ministry under jaitley.

 

[Square]

I went to the Income tax officer on the date and time given on the scrutiny notice. Submitted following documents

Good information. Thanks. Have you done audit of account? Since you have loss, have you shown it? Did you officer ask anything about audit needs to be done to carry forward losses. I am asking you since if audit is needed to carry forward losses then one can file revised returns since last date for audited filing is 30 Sep. So refiling can be done along with parallel scrutiny. I think the AO is the most appropriate person in such a case who can tell us this thing.