Carry forward of lossess from Shares & derivatives trading

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 May 2011 During previous year ended I incurred lossess both in intraday & derivatives trading. I do not wish to show the same while filing ITR for A.Y 2011-12. However, I know that the benefits for adjustment of these lossess will not be available to me in subsequent years. The question was asked by me earlier and I was advised that there is no penalty, however, the above benefit will not be allowed in subsequent years. A day ago some one adviced me to file return with all financial datas, no matter it is loss or profit, otherwise I would be liable for heavy penalty. Please advice me the suitably. Is it mandatory in case of loss also to file return with all relevant datas and whether there is any penalty clause under Indian Income Tax.