Comment on Taxation Simplified

S Talukdar commented on 27 Feb 2014, 04:13 PM

Thanks for your earlier reply. I need to file my income tax return for AY 2013-14. I’m a salaried person and my employer has deducted tax at source and produced the Form 16. I engaged in cash, 3 instance of FnO and commodity trading(no-agricultural) and had losses of around 28K (10k for Cash, 500 for FnO and 18k for Commodity) in FY 2012-13. I understand that I cannot carry forward the losses now as I’ve missed the deadline. I contacted several CAs and Tax consultants but got such contradictory responses that I’m a totally confused now. My net transaction in derivatives section(from the ledger) is around 2.2 lacs as credit and 2.5 lacs as debit. I believe my turnover is much less than 5 lacs. So in this case do I need to go for tax audit? Some tax consultants have told me that doing tax audit now and submission will attract penalty. If you please advise what documents need to be prepared as “books of accounts” , who can do that(CAs or Tax consultants) and whether they need to be submitted to IT dept or can be kept for future reference. I’ve been quoted ~Rs 8000 for tax audits by CAs and around Rs. 4000 for preparation of books of a/cs and filing of ITR>. Are these reasonable rates?

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