Non filing of income tax return notice
hello ,members! I have received a notice for non filing of income tax return for a.y 2013-14 and the said notice requires me to give response on compliance tab of the portal. actually I only did intra day trading and suffered loss during the period and moreover I was not in tax paying bracket.what should I do now? what should be the response considering I did not file the return for trading loss? plz reply.experts and members are requested.im a ca student.
Replies (9)
You don't have to mandatorily file return for AY 2013-14 as you have no taxable income.
You have to file the compliance statement. Select the option "I have no taxable income" from the list box as a response to non filing.
Jayeshji,will I require to provide any support evidence afterwards?
in reply section select no taxable income and then wait and see if u get any notice for further action.
If I had genuinely no taxable income.,will ao demand me to pay penalty and tax?
Don't Worry its common practice !!
You should keep the statement of Transaction to prove that you have no profit. It will have to produce to AO only if he is taken any further action against you. Also you should ensure no high payment transacton . If any Payment transaction is there you should prove the source also.
Thanks members.jayeshji and vishal ji, your guidance highly appreciated. Trading transactions were high in value but with margin money from brokers.i had only one lakh in account .
Thanks members.jayeshji and vishal ji, your guidance highly appreciated. Trading transactions were high in value but with margin money from brokers.i had only one lakh in account .
Thanks members.jayeshji and vishal ji, your guidance highly appreciated. Trading transactions were high in value but with margin money from brokers.i had only one lakh in account .
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