Income tax -shares loss

Tax queries 142 views 3 replies

sunil

business

74 Points Joined November 2015

sir

I am working as employee and doing trading on online for cash delivery as well as F & O. I had incurred loss in both segments, Now for turnover purpose

1. for cash delivery , i had details of total purchase value and total sale value. how to compute turnover (As per icici direct, total purchase value-Rs:9851475/- and sale value:Rs:9668155/- LOSS :Rs;183322.85/- --SPeculative income :11792.48 and SHORT TERM CAPITAL GAIN LOSS-171530.77)

2) for F & O , I HAD DETAILS OF positives and negatives, how to compute turnover.(Ccredits amount and debits amount total-Rs:6186626)

I had submitted itr-5 in july for ass year 2016-17. Now i recd a noticefrom CPC, U/S 139(9) saying the return as defective.--the reason as -TAX PAYER HAS CLAIMED UNDER THE HEAD-PROFITS AND GAINS OF BUSINESS OR PROFESSION- however he has not filled balance sheet and loss account and has not got the books of account audited.

Now, pl suggest me what to do. Whether i have to submit revised return or i have to go for audited returns.

Replies (3)

Akash

CA Final (2nd Group Pending)

876 Points Joined July 2013

You have to Get Books Audited By CA. As your PGBP income is below 8%. You will be levied Penalty of 1% of Turnover for failure of doing Tax Audit in time.

sunil

business

74 Points Joined November 2015

Dear sir,

for tax audit , the dead line is 17 th october 2016 . .Will u please confirm, still i have to pay penalty if i submit tax audit before oct 17 th.

Akash

CA Final (2nd Group Pending)

876 Points Joined July 2013

Originally posted by : sunil

Dear sir,

for tax audit , the dead line is 17 th october 2016 . .Will u please confirm, still i have to pay penalty if i submit tax audit before oct 17 th.

No penalty then. Tax Audit is compulsory in your case.