Comment on Notice under Section 139(9)? - Possible reason
commented on
22 Jun 2016, 11:16 PM
Hello Nitin,
First, Thanks for your commendable contribution towards tax clarification.
Recently,i received notices from IT Department for assessment year 2012-13 & 2013-14 for below points:
As I was doing trading on my wife’s account and net status is in loss only, hence i haven’t filed any ITR for those years.The trading happened on all segments Cash + Future+Options+Currency+Commodity but the net is loss only.The capital in my wife’s account is transferred by my taxable income as she has no other income, however there are lots of transaction happened to and fro for various amounts in those years ( I hope it doesn’t matters for IT dept).
To conclude, I have submitted the response for below as “ITR hasn’t been filed due to non taxable income”. Is this the correct response or is there any further chances to get the notices again for another reason ?
1 2012-13 STT-01 Purchase of equity share in a recognised stock exchange
2 2012-13 STT-02 Sale of equity share (settled by the actual delivery or transfer) in a recognised stock exchange
3 2012-13 STT-03 Sale of equity share (settled otherwise than by the actual delivery or transfer) in a recognised stock exchange
4 2012-13 STT-04 Sale of option in securities (derivative) in a recognised stock exchange.
5 2013-14 CIB-502 Contract of Rs. 10,00,000/- or more in the Commodities Exchange
6 2013-14 STT-01 Purchase of equity share in a recognised stock exchange
7 2013-14 STT-02 Sale of equity share (settled by the actual delivery or transfer) in a recognised stock exchange
8 2013-14 STT-03 Sale of equity share (settled otherwise than by the actual delivery or transfer) in a recognised stock exchange
9 2013-14 STT-04 Sale of option in securities (derivative) in a recognised stock exchange.
10 2013-14 STT-05 Sale of futures (derivative) in a recognised stock exchange.
Similarly for assessment years 2014-15, 2015-16, i earned, but its not upto taxable limit, so do i need to file the ITR ? Specifically, for 2015-16 i might have exceeded the turnover of 1 cr , however the profit still remains below taxable limit.
When we say taxable limit, can we consider the sec 80c deduction in order to come out at this limit, Lets say the income from trading is 400000, after sec 80c deduction of Rs 150000, the taxable income comes to Rs 2,50,000, accordingly we don’t need to pay any tax, is it correct ?
Please suggest.
Thanks in advance for your response.