Sir I was doing intraday share trading during FY2009-2010 and 2010-11. I just invested Rs. 70000 and did share trading with the margin of share broker and the turnover was rs. 58 lacs in FY 2009-10. And 23 Lac in FY 2010-11. I made completely losses in my share trading and earn nothing. As I earnt nothing I did not file the ITR for these two years. Now after a long time I got the notice from income tax department regarding non filing ITRs. please help me to solve the matter. What are the solutions of it ? What are the penalties and all, how I can put my side to IT department. What are the other solutions? please help.
Dear Sir,
If you have made only losses and your total income during that year were less than the income chargeable to tax (I.e. slab limit), then you are not required to file ITR.
You can respond to the notice accordingly stating the proper provision.
We can help you in drafting a suitable submission
Please feel free to call/revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
You need to file the return in response to notice immediately. After that We will reply to IT Department. If you want I can help you on it
Dear Abhishek ji, kya aap mere liye answer submit kar sakte hai. please help I earnt nothing in said period, and did losses in intraday day share tradings. Some one was saying here that there is penalty of Rs. 1 lac in your case. Jab maine kuchh earn hi nahi kiya to how i can pay taxes. Share trading bhi broker ki margin se hui aur turnover FY2009-2010 me 58 lac ho gaya. is it liable for any audit, please help what will be the penaties or any other solution.
Dear Abhishek ji, kya aap mere liye answer submit kar sakte hai. please help I earnt nothing in said period, and did losses in intraday day share tradings. Some one was saying here that there is penalty of Rs. 1 lac in your case. Jab maine kuchh earn hi nahi kiya to how i can pay taxes. Share trading bhi broker ki margin se hui aur turnover FY2009-2010 me 58 lac ho gaya. is it liable for any audit, please help what will be the penaties or any other solution.
Sir,
You just need to prepare reply and submit online stating the facts that there is no taxable income earned during the year and hence i have not filed the return.
This is addressed to another expert.
Query pertains to Abhishek.
Query asked to Mr. Abhishek.
