Comment on Taxation Simplified

Ganesh123 commented on 28 Sep 2013, 02:16 PM

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 www.traderji.com 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, pensioner of state Govt having annual pension near 2 lakh each year.
Please help, any TAX AUDIT required if there is loss??
Is their penalty for 2009,2010,2011,2012?
Case 1. I calculated Turnover= total buy amount+total sell amount.
Case 2. But on some website I read that Turnover=Settlement profit+ Settlement Loss
For ex. If RIL shares bought@1000 x qty 100, and sold @1010x qty 100
Trade volume= +2lakh and Turnover is just 10 x 100=1000
So which case is true???? How to really calculate turnover ,which I required for only Audit which is costly for me now , as I am in loss.
Please suggest too much confusion my mind.
URGENT

View the full comment thread »