Letter for non filing of income tax return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 August 2015 Dear Sir,
One of my friend has received a letter from department for non filing of IT return for the AY 2013-14 on the basis of contracts made in the commodities exchange(MCX).

Whereas, for relevent year the assessee has gross total buy of Rs. 670350.00 and gross total sell of Rs. 671650.00.

Apart from this assessee had no other source of income for the relevent year.

Please advise me how to reply to department?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 August 2015 Reply to the letter stating total purchase and sale value. State also the profit earned is only 1,300 and having no other income for which I am not liable to file any return. Also state the source from which you have made the trade.

Querist : Anonymous

Querist : Anonymous (Querist)

11 August 2015 Only 30000/- were deposited at sharekhan commodities pvt ltd.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 August 2015 You say you have deposited only 30,000 and traded for such volume. Reply on these lines your reply will be accepted.

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