Comment on Notice under Section 139(9)? - Possible reason

Nithin Kamath commented on 11 Jun 2013, 03:57 AM

Yes Shri,

If you have been trading f&o, you have to, Check this conversation I just had with Tharun, you will basically need to follow the same.

Tharun replyJun 10 2013, 8:56 pm
Zerodha sent me a combined account statement in that my transaction value is 3.40 lac.
my loss is 70+k.
I should take my contract notes to CA and any other documents.

[ Click to thank ]Zerodha replyJun 11 2013, 9:10 am

As explained make a bank book on excel showing all credits and debits from your trading account and attach the bank statement as the proof.

Attach you PL statement from Zerodha which shows you turnover of 3.4lks and loss of 70k.

You can also show other expenses that you have incurred for trading like internet bill, electricity, computer depreciation, any services you have subscribed to and etc. You can add all these as you costs of running your business. For example if you show 30k as these costs, you can add it to 70k and your net loss will be 1lk.

Go to CA and he will file this using ITR4 and ask him to file saying a loss of 1lk.

You can carry forward this loss for next 7 years and anytime you make business profits, you get to set off and hence not pay any taxes. So if this year you make trading profit or any business profit of 10lks, you will need to pay tax only on 9lks ( 10lks-1lk loss that you carry forwarded)..

Hope this helps,


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