Tax Notice received for Transactions not shown in ITR

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  1. rajiv2115

    rajiv2115 New Member

    plsss help me ......yesterday i received a notice from IT dept saying that u have done a transacton of 35cr in stock/commodity , it means that u have some undisclosed money with you for the FY 2014-2015...where as i have made loss of more then 160000 and i was under impression that if i dont want to claim the loss from IT dept i did not showed while filing my returns and i have not maintained books or got my account audited. i have already filed returns as per form no.16 as i do service and that was the source from which i have put money for trading..
    Pls help me what to do? am very tensed now
     
  2. SUNNY NARANG

    SUNNY NARANG Member

    if the source of transaction money is service income on which you have already paid tax then based on bank statement you can explain and provide information to income tax authority.

    First you need to check source of income. If services then you can explain.
     
  3. SUNNY NARANG

    SUNNY NARANG Member

    But in case of turnover of rs 35 Cr then it was compulsory you to get your account audited.
     
  4. Karan Batra

    Karan Batra Well-Known Member

    The Govt is absolutely correct in sending you an Income Tax Notice.

    They had information that you have done transactions in Commodity Market and the same have not been reported in the Income Tax Return. The Govt does not know whether you have incurred any loss or profit on these transactions and have therefore sent you a notice for disclosing the transactions and the income/loss arising thereon from these transactions
     
  5. rajiv2115

    rajiv2115 New Member

    Thanks alot for the reply guys...
    i have replied to income tax officer by giving him a reply letter with clientwise net position and ledger balance reports stating that i did not wanted to claim the losses therefore i have not shown in returns and i did not know about maintaing books and getting account auideted.
    Guys what could be the worst in my case and pls suggest how to get of the situation....will he close my file or will he go for scrutiny
    Thanks
     
  6. rajiv2115

    rajiv2115 New Member

    Pls guys pls show some light on my above question as am very tensed......what could be the min and max penalty in my case
     
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