Income tax notice on Limited Scrutiny

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  1. Suman Martha

    Suman Martha New Member

    I received a 'Limited Scrutiny' notice from income tax dept. Below are the issues have been identified for examination :-

    1.) Securities transaction
    2.) Commodity transaction

    Looks like I did not declare the above information in my tax returns. I do trade in NIFTY options on an intraday basis. In this case, I would like to know how the penalty, interest will be calculated ? Is the penalty calculated on options turnover ? or on the profit/loss ? if net profit how its calculated ? if net loss how its calculated ? Would like to know in detail. Please help
     
  2. cadeepakgoel

    cadeepakgoel New Member

    First respond to the notice to take some time for preparation of your case. These notices are issued in pursuance of CBDT initiative for limited scrutiny (instead of complete scrutiny) in some specified cases. To discuss in detail, you can reach us at g[email protected] or 9911839405.
     
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