Comment on Tradetax for income tax returns when trading

abc commented on 27 Dec 2016, 02:03 PM

Hi Nithin I am zerodha client active since initial days & waiting for reply. abc says:
December 25, 2016 at 2:53 pm
Hi Nithin Merry Christmas, now become my santa & solve my query. I have filed belated ITR for Ay 2015-16 in oct 2016 & now I have got Intimation u/s 143(1) , Got a huge demand notice u/s 156.To be paid in 30 days. They have calculated my income even more than total turnover.Demand is uploaded by CPC. I had taken loan from family & traded in equity,f&o,Commodity & made loss, no any other income, net loss in year & I filed ITR4 . But still I have got demand notice now what to do. I have collected some information from net but not clear what to do.I have to file appeal to CIT(Appeals), stay petition with CIT(Appeals) or rectification u/s 154 along with appeal( What to rectify on my end as I have already filed correct ITR ). As I am still trading with loan amount & paying interest so Interest paid(monthly online) to family on loan should be considered as business exp or not ,IT department has rejected almost all expenses(interest,electricity,desktop purchase,depreciation,internet) in AY2016-17 Also ? & as of now I have not done anything about that also. Now firstly tell me about Ay2015-16 demand issue. let me solve it first.

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