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c/f of business loss (share trading loss)

This query is : Resolved 
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06 February 2013 dear all.

my friend has incurred loss of around rs. 80 lakh from shares trading business in fy 2011-12.

his turn over of shares for fy 2011-12 is around rs. 250lakh.

qus.

1. whether he is liable for tax audit for fy 2011-12..

2. whether he can carry forward his business loss of rs. 80 lakh. for fy 2011-12, if he filed his income tax for fy 2011-12 today.

3. what he should do for claiming of carry forward of his business loss of rs. 80 lakh.

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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
06 February 2013 He is liable for tax audit.
.
Loss can not be c/fd now as the due date of filing the return has passed away.
.
As I wrote , it is not possible to carry forward the loss if he files his return now, but taking forward care-he should file his return.
.
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