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

SREE commented on 24 Jun 2015, 01:18 AM

Hi Nithin,

Sorry for reposting from above ( may be wrong place).

1. I am a salaried individual and all these years I have had filed my return in ITR-1 or ITR-2 (with Capital gains and other income ( Bank interests).

2. Last year I have transacted both; few Intraday (cash) and majority of Delivery based Equity shares. Only transacted in shares and NO opt/ fut etc.

Turnover of Trade- Intraday = Rs.6,600/-

Trades- Intraday Profit (SCG) = Rs. 4200/- ( rounded off).

Turnover of Trades- Delivery = 1,25,00,000/- ( rounded off).

Trades- Delivery P/L = – 4500/- (CG Loss).

My Salary Income = 5,00, 000/- (Approx)
Now, please clarify my situation with regard to Tax Audit.

I have contacted few of CAs and every one had given me different opinion. It’s confusing, scary, I am in a kind of regrettable situation for involving with share transactions ): Perhaps Mutual funds would have been easier!

Some say I DO NOT need Tax Audit because I DO NOT fall under category such as Business/ Trade Profession / Company ? They say I would just need to file ITR-2 with Capital Gains (I would be much happier, but scared of any wrong doing?)

Some say no matter if I am an individual, salaried, part time trader/ investor, since Turnover exceeded 1 Crore , Tax Audit with ITR4 must be the right way to do?

Very confused and need your assistance on this and guide me/ many who are in similar situation, choosing the right option for filing the income tax.

Thank you in advance

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