Emmanual@123 (IT) 18 July 2016

Received income tax notice

Hello Friends,

I received a notice from income tax stating that I did not file ITR for 2014-15 for the below transactions. I am employed and my ITR is normally filed by my employer and I receive form 16 every year. In the FY2013-14 I put 10000 in stock exchange and bhought some stocks for short term trading. I did this only for 2-3 weeks and sold all stocks. Now the notice I received is regarding that. I am attaching the content here, please suggest what needs to be done as this is the first time I am receiving some thing like this!! I got this letter from my home town Income tax office, but I am not there anymore I am working in Delhi. In this letter they have asked me to acknowledge in 20 days at the office.. What should I do for that??

Thanks in Advance

Emmanual

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4 Replies

LAXMINARAYAN - Sr Advocate. ( solve problems in criminal cases. lawproblems@gmail.com) 18 July 2016

It seems you haVe done turnover in share maRket. Your Pancard address is local so you got this notice.

If you are filing IT retunrns and given information of share turnover , you can give information.

If not can file revised return.

Emmanual@123 (IT) 18 July 2016

Thanks for your reply.. As mentioned this is the first time that I have received something like this and I never filed ITR before. Can you guid me how to do it?? Or what needs to be done.

NIDHI 18 July 2016

i have applied income cerft for my fatther. he is unemployed since last 12-13 years. so i have applied for 2000-2500 / per month income certificate at nearest tehsil. but patwari make this cerft of 96000 per annum. which is not acceptable for education loan scolership in college fees / banks.

Pls advised how can i get new income cerft for my father for minium wages of rs. 2500 per month now. is this existing cerft may go cancelled???? and how can i apply for new ceft for mimum wages for my father.

Thanks

Nidhi Parashar

balas (Chartered) 22 July 2016

Hi,

As you are time barred from

a. filing a Inc Tax Return (if not filed ,although you mention that your employer has filed which is very unlikely by an employer but I assume ur info is correct)

b. Filing a revised inc tax return (if filed earlier)

In both cases, your date by which you should have acted is 31st Mar 2016.

Now :

1. You can request for time by furnishing a letter.

2. Collect all stock market related transactions for that particular year and furnish a statement to that effect accordingly to the concerned ITO which is the info he / she is looking for.

3. Any shortfall in taxes, you may have to pay along with interest.

Hope this helps.

Balaji Srini FCA., LL.B.