Comment on Taxation Simplified

Nithin Kamath commented on 31 Jul 2013, 10:18 AM

Gautam,

This is the message that we are trying to tell fellow traders today, IT department is going online and these kind of notices will only go up in the future.

As far as your notice goes, meet a CA and firstly ask for extension in time, because 10 days may not be enough time for you to get 3 years details.

Doesn’t matter if you make a profit/loss trading f&O, you are supposed to declare the same. Your CA can file for your 3 years as delayed returns. If you have taxable income during this period, then there could be a penalty in terms of interest on taxes you are due.

Hope this helps

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