Comment on Taxation Simplified

Ganesh123 commented on 28 Sep 2013, 05:34 AM

Dear i am intraday trader in stock market. From 2009 to till i never submitted it return as i think i have each year loss. But my total TURNOVER of year is more than 2 crore each year from 2009. So is their any requirement to submit any document to Incometax dept. I have no profit any year.
Before 1 month their is notice from Tax dept for “Non filing of Income tax return” from 2009.(Information code :- CIB-321, Description :-Share transaction 20000 or more)
After consultation from local consultant, I send reply of “Non taxable income for 2009-2010, 2010-2011,2011-2012.
On website I read that for Intraday trader there is no requirement of to do Audit, which is required only for derivative trader.
From 2012 i am Senior Citizen.
Please help, any TAX AUDIT required if there is loss??
Is their penalty for 2009,2010,2011,2012?
please i am under very big tension …pl guide me, what to do next procedure???

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