Income tax notice
chirag (job) (107 Points)
20 March 2017chirag (job) (107 Points)
20 March 2017
Studentsca
(CA Practice )
(3577 Points)
Replied 20 March 2017
Since the notice is regarding non filing of Income Tax Return by your brother, submit a reply stating that he has filed his return for FY 2014-15 and attach a copy of Acknowledgement [ITR-V] as a proof.
If the response is to be submitted online then choose the option return already filed and enter the Acknowledgement Number mentioned in ITR-V.
Since no details have been asked about any of the transactions there is no need for you to raise that issue now.
chirag
(job)
(107 Points)
Replied 20 March 2017
Thank you sir but I have demat account and F.Y. 2013-14 loss Rs. 80150 in share transaction not shown in income tax return and F.Y.2014-15 gain in Share Rs. 50137. I have to pay income tax on gain Rs 50137 @ 15%
Chirag mistry
Studentsca
(CA Practice )
(3577 Points)
Replied 20 March 2017
Pay tax on STCG @ 15% and revise your return on or before 31st March 2017 showing the gain.
Had you claimed loss in the original return [ if filed by you on or before due date] for the FY 2013-14 you could have claimed a loss on account of STCL and claimed set off against STCG for FY 2014-15 you could have avoided paying 15% tax unnecessarily to the government.
chirag
(job)
(107 Points)
Replied 20 March 2017
I have not shown share transaction in F.Y. 2013-14, Can I Claim loss in F.Y.2014-15 Revised Income tax return
Studentsca
(CA Practice )
(3577 Points)
Replied 20 March 2017
In order to claim loss you have to file your original income tax return on or before due date. Have you done that?
chirag
(job)
(107 Points)
Replied 20 March 2017
Yes, I have filled original income tax return before due date
chirag
(job)
(107 Points)
Replied 20 March 2017
Thank you Sir for your best information, Can I help How to write reply to income tax above information share with you
Studentsca
(CA Practice )
(3577 Points)
Replied 20 March 2017
You want me to reply to the Income Tax notice received by your brother??
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