Nil income and no itr but notice recvd

ITR 796 views 6 replies

PARVEEN KUMAR KATARIA

ABC

25 Points Joined July 2012

to all

pls reply to my querry

one is trading in shares,

no income at all neither from trading nor from any other source from FY 2009 till FY 2013

money taken on loan from friends or gift from relatives

this activity is being done since financial year 2008-2009

now in the financial year 2013 2014

he gets a notice from the ITD stating that

" ITD has come to know from its sources that some financial activities is being done by you please inform us the status of your ITR for the FY 2009 2010, FY 2010 2011, and FY 2011 2012 in the prescribed format "

in the format

there is certain columns asking the details of ITR acknowledgement number and date if filed and

if there is no filing of return then tick the appropriate box among

--- tax return in process

--- no taxable income

Now viewing all i would like to know your views and steps to be taken by the person

what should be replied to the ITD

regards

Replies (6)

HARISH BANSAL

student

229 Points Joined December 2011

Simply tick the point , "no taxable income" in the F.Y. 09-10,10-11,11-12.

Regards,

Harish Bansal

PARVEEN KUMAR KATARIA

ABC

25 Points Joined July 2012

Originally posted by : HARISH BANSAL
	Simply tick the point , "no taxable income" in the F.Y. 09-10,10-11,11-12. Regards, Harish Bansal

thanks bansal

thats right

it means no income no tax

and no tax no return

in the case of individual who does the only trading in equity

regards

HARISH BANSAL

student

229 Points Joined December 2011

rite Parveen...........

kanagaraj

CHARTERED ACCOUNTANT

793 Points Joined March 2009

Beware. The notice may be sent from the information with the dept. Check your share transaction from your share broker, because he may transact in your account using your power of attorney. Before reply check it up.

S M K

CHARTERED ACCOUNTANT

80 Points Joined February 2012

I am supporting Mr.Kanakaraj's opinion.Some times the dept wants clarification for the Source of Funds utilised..so first of all you check the trading particulars and prepare a clear statement for the source of funds.