Income tax notice for not filing return
I got notice from income tax office for not filing return in the name of wife stating transaction in share market.
I have opened demat account in the name of wife and I was Operating that account. As wife in not earning and I incurred a loss did not indicated in my return for the year 2012-13 and also not filed return of wife.
May kindly advise.
-Darshan Vasava
Replies (1)
Please file a reply to the income tax officer who has sent you the notice along with the details of the transactions statement etc. Please note that even though the net result may be a loss, you may have to explain the source of the funds ( Pay in) that you made to the broker. Also ensure that the Equity and F& O Segments are together showing loss. Becos if loss is due to Speculative( Intraday) then that will not be allowed to be set off against Eq and F& O profits.
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