Pl. tell me about the tax treatment on commodity and shares on daily basis without keeping delivery for Salary person employee.If it doesn't shown on return.
ITO has issued notice pl. tell me the treatment
3 Replies
vandana
(cs executive )
(54 Points)
Replied 16 November 2013
Under what section notice is issued?
If actual delivery is not taken then it is speculative income which u can show as business income
Mihir
(Wealth Manager)
(5293 Points)
Replied 17 November 2013
It is a speculative business and ITR-4 is to be filed.
Raj hunk
(CA)
(51 Points)
Replied 17 November 2013
Dear All,
Assessee has filed return in ITR-1 because he is a salaried employee but beside that he was also trading in Commodity where no return is being filed by him.
Notice is issued u/s 142 only for seeking books etc. by ITO.
I just simply want to know about "if an assessee has filed return (in ITR-1) and he has a loss from commodity/shares but doesn't shown anywhere"
Then its necessary to file return if he has a loss and he don't want to carry forward losses from such trading because he is not a professional trader he was just doing to earn profit from them.
Pl. give me expert advice if any one have.
How to save him
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