FY 19-20 return not filed

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A friend failed to file their income tax return for FY 19-20, even though they conducted significant share trading amounting to £1.8 crore. They have since filed for FY 20-21, but now have received two notices regarding the unfiled return and the substantial trading activity. The profit from this trading was £1 lakh, which is below the taxable limit, and the trading was primarily delivery-based with some intraday activity. Advice is sought on how to address these notices.

ravi kumar

ravi kumar (Querist)
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09 April 2022 Hi friends

One of my friend not filled his income tax return for FY 19-20 but he did shares trading of 1.8 cores

He has filed return for fy 20-21, now in his compliance showing two notices for not filling of return and significant value

Please advise us what we can do now

Thanks in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 April 2022 What is profit earned on such trading.
Is it on delivery based trading or day trading.

ravi kumar

ravi kumar (Querist)
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09 April 2022 Profit is 1 lakh and it is delivery based trading and few intraday trading sir

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 April 2022 Reply to the notice capital gains on such sale of shares is one lakh which is below taxable limit. I have no other income hence income tax return not filed.

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