Limited scrutiny Notice received from IT, How to proceed with this?
"Following issue(s) have been identified for examination:
i. Whether the investment and income relating to securities (derivative) transactions are duly
disclosed."
2.In view of the above, I would like to give you an opportunity to produce any evidence/information
which you feel is necessary in support of the said return of income on or before------------------
3.The above mentioned evidence/information is to be furnished online electronically in 'E- Proceeding’ facility through your account in e-Filing website of Income-tax Department.
Further proceedings shall also be conducted electronically (*). A brief note on salient features
department collects information from Markets. They do not know whether you made profits or losses unless you disclose the same in your ITRs. if you fail to include your trading details in ITR then you will get notice. whether profit or loss you need to file Proper ITR.
They will assume that you are making lot of profits.
Thanks for quick reply. I have submitted the documents online.
In how much time I can expect the next reply for further information or closure of e-proceedings ?
Hi Abhishek
I got the same notice and I had also made only losses
Could you please tell me where did you uploaded the documents.
I tried going through e -proceeding section on incometaxfiling website but didn`t get any options for uploading.
Regards
You shall see the same notice in e-proceeding section along with option to upload the documents.
In case, you do not see the notice, raise grievance and ask them to push the e-proceedings notice.
I also did the same.
When you receive the Notice with a Specific question. Try to answer the questions with specific supportings. You can attach trading reports , ITR to substantiate the same and reply to the specific queries been raised.
Now you can reply online itself with your Tax login.
After Limited scrutiny notice, stating "Whether the investment and income relating to securities (derivative) transactions are duly disclosed. " if i have submitted ITR and broker statements as supporting. and after that have received another notice from Department regarding complete scrutiny ( under CASS) for Return filed.
then
what documents are required to be filed now?
and is it normal to receive such type of notice?
The Limited scrutiny can be converted to complete scrutiny if the the officer feels that there are more non compliant area or details are insufficient to complete the assessment.
In Complete Scrutiny , they can ask for all kind of financial transactions and specially the credits in the Bank statement.
Received the same notice again from the IT but this time with original (actual) seal and sign of AO. Also, received the soft copy of the same notice from official email id of AO. I have replied to the e-mail id of the AO but no response so far.
I had already submitted the soft copy ONLINE in time as per the first notice but it seems it was not checked…
I am outside India and cannot appear personally. Can any one help here how to approach them ?
In your tax login now Income Tax has provided tab E Processing , you can submit all your information with a letter and submissions. You will get the online acknowledgement also.
