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Notice for non-filling of return fy 12-13, no sec is written


07 January 2016 My friend has received a notice for non-filling of return FY 12-13, but section is not mentioned on notice. It has asked for below points under notice:-
Code Information
STT-01 Purchase of equity share in a recognised stock exchange.
STT-02 Sale of equity share (settled by the actual delivery or transfer) in a recognised stock exchange.
STT-03 Sale of equity share (settled otherwise than by the actual delivery or transfer) in a recognised stock exchange.

I don't know how to calculate tax on above issue. In 26AS TDS deducted Rs 39 u/s 194H against amount credited 387. My friend only says that he used to purchase & sale shares in FY 12-13
Kindly let me know the exemption limit on above shares & how to find out profit in purchase & selling of shares?

07 January 2016 Get contract notes and party ledger from your friend/ his broker. Also ask to get Scrip wise Profit and loss statement for the period. You need not to fear as- your friend would not have earned taxable income from shares ( 90% people makes losses and thereafter stops). If you do not know, then contact any of your knowledgeable friends/ relatives/consultants.

13 January 2016 Sir,
After your reply: I asked for statement of "Angel Broking Pvt Ltd" from my friend. Which I can't understand properly. In short I can say that during Fy 12-13, there are more than 150 effective dates (may be called transaction) & some columns there like (Particular-Debit-Credit-balance). Some of the dates (transaction) are recorded in Debit side with their amount & some of the dates (transaction) are recorded in credit side with their respective amount. During FY 12-13 of 150 transactions, In the balance column amount increased & decreased as per debit & credit effective amount. Finally on 31.03.2013 balance amount of 23031.98 is found. I want to know, it is income, if yes, How much tax to be calculated? kindly revert.....
Note:- Balance column increased with amount, when amount is recorded in Debit side. balance decreased when amount is recorded in credit column. Statement is opposite in comparison of bank statement.




13 January 2016 The statement can briefly be told as Party Ledger.
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Obtain from the broker " Sauda Summary" for the period during he transacted.
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This is a datewise statement in which description of scrip, rate, quantity etc, in which your friend has transacted, are recorded. Corresponding to each date there is an entry in the party ledger with you.
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You can also ask for the P&L statement- a scrip wise profit loss statement.
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On the basis of sauda summary you have to decide profit & loss.
.

15 January 2016 Good evening,
If she doesn't have Profit & Loss statement, Can't tax be calculated on the basis of these statement?



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