Thank you for the advice sir. That is the right thing to do. But since I want first hand experience with ITO once, I will deal with the notice this time myself.
I will will be very gratefull if you can send me sample balance sheet for individual professional. that is the only thing I lack
Thank you for the advice sir. That is the right thing to do. But since I want first hand experience with ITO once, I will deal with the notice this time myself.
I will will be very gratefull if you can send me sample balance sheet for individual professional. that is the only thing I lack
As per your shares trading transaction, financial statement should be prepared based on an accounting software, and BS will be outcome or derived from it. You cannot just prepare it hypothetically.
Secondly you will be asked to produce the accounts for the financial year, which will be scrutinized, so the method of treatment of the notice by you at this level will harm you at later stage.
Well, for your satisfaction attaching herewith spreadsheet for your mental satisfaction.
Thank you sir for replying. I will take advise of tax consultant before replying to the notice.
Good luck.........
Hello Sir, I consulted with tax consultant and explained my situation. He said that I have messed up big time. I thought stock trading for me was just a side. He said if the trading transactions in the peroid crossed 1 crore mark then tax audit was compulsary. He told me about the penalty and now i am very depressed. could you please help me i need to know when is tax audit required in trading (my 99.99 purchases in trading were cash and carry.. not intraday). I am messed up please help me.
Hello Sir, I consulted with tax consultant and explained my situation. He said that I have messed up big time. I thought stock trading for me was just a side. He said if the trading transactions in the peroid crossed 1 crore mark then tax audit was compulsary. He told me about the penalty and now i am very depressed. could you please help me i need to know when is tax audit required in trading (my 99.99 purchases in trading were cash and carry.. not intraday). I am messed up please help me.
Your CA will be able to help out from the mess.......... check if the turnover based on delivery can be segregated....... FOR NON-APPLICBILITY OF TAX AUDIT.
Face the situation, and learn to get professional help of doctors at the initial stage rather than when it is irreversible.......
God bless......
CAclubindia
