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

Nithin Kamath commented on 04 Jul 2014, 09:27 PM

1. Since you have done intraday trading(considered as speculative business), you have to use ITR4. If you use ITR2 instead of ITR4, you might get a notice from the IT department asking to rectify and also might lead to a penalty.

2. No you cannot combine your wife’s, you will have to declare that separately. But if you intend to do this check out creating a HUF.

3. No, you cannot carry forward losses from ITR2 to ITR4.

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