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

Hi,

I got profit and losses in F&O section. In total, I have around 20k Loss with turnover of about 6 Lakhs. Do I still need to get my books audited? I mean I do not have any profit. Is it still required to pay income tax (on loss). Is it mandatory to show the losses in ITR form? If I do not show, will I get the notice?

Now, u told that, if u get a income tax notice, you have to pay 8% of turnover. Now, I do not understand that I did not make profit I F&O, but still I need to pay 8% of 6 lakhs which is 48000. This much is penalty or what? Why one has to pay this even if he is in loss?

Please reply sir.

Thanks
Nikhil

View the full comment thread »