Nil income and no itr but notice recvd

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)

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

Regards,

Harish Bansal

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

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

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.

 

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.

Annual information report has caught your transactions.

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