Share loss agaist salary income
This query is : Resolved
07 December 2013
my client has share loss (bse+mcx+nsc) Rs : 1345189/ F.Y. 11-12, His salary income is Rs:679910 fy 11-12(TDS deucted by Emploery Rs:40600).he has not yet return filed ( f.y. 09-10/10-11/11-12) now income tax deparment notice issued for filing return of these From MCX Data base !
If I filed f.y. 11-12 salary return ITR -2 (Salary + interest ) & loss not show in income tax return, future i will be preoblem.
please guide me what can i do.
If I filed f.y. 11-12 salary return ITR -2 (Salary + interest ) & loss not show in income tax return, future i will be preoblem.
please guide me what can i do.
07 December 2013
As the amount of loss is huge and you must have got the notice from department based of other factors one u have mention is MCX data base other could be AIR.
as due date have passed this loss will not be allowed to you; however the biggest grey area in you case where you may got hit looks the bank statement and the source of money from which you have done the share trading.
as you want to hide this loss it might be dangerous due to its proper banking channel at least show this loss in you income tax. as this is the notice for filling of ITR only so later be prepare for 143(3) or other and specially explanation for for source of money for share trading and if this is explainable you don't have to worry
as due date have passed this loss will not be allowed to you; however the biggest grey area in you case where you may got hit looks the bank statement and the source of money from which you have done the share trading.
as you want to hide this loss it might be dangerous due to its proper banking channel at least show this loss in you income tax. as this is the notice for filling of ITR only so later be prepare for 143(3) or other and specially explanation for for source of money for share trading and if this is explainable you don't have to worry
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