Comment on Taxation Simplified

Common Man commented on 22 Dec 2013, 07:00 PM

I do not deny that in its zest the IT dept is sending out 139(9) notices to even those below the 1 crore limit if their profits are below 8% (i am one of the recipients) .This however does not lend sanctity and is not legally tenable.

I repeat that there can be only 1 truth and not multiple versions of the same truth.Many CAs can have many opinions but that’s a derivative of their stage of learning and their stage of evolution.I am not faulting your advise that everyone consult their own CAs but when you post for Zerodha you need to stand by your advise .Now you raise a question on whether trading is a profession . I urge you (and I have done the same and I am also a trader) to read the guidance note prepared by the CA institute on 44AB and I urge you to ponder a bit on the exclusions in Sec 44AA (I have given page nos in my prior post) and its clear that trading is as much a profession as is architecture or accountancy or painting or technical consultancy.

Now I come to the actionable – yes consult your own ca is a good advise but in that case there is no need at all to give prior pointers.I think what you may wish to do is to look up the ca institute note on sec 44ab(google it and u will find this)and make a professional decision.Else get the view of one respected ca firm from the top 10 and let them give it to you in writing and you can publish it with their name and view.

Cheers from the common man.

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