FY 19-20 return not filed

Save Share

This query is : Resolved

Quick Summary

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)

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)

09 April 2022 What is profit earned on such trading.
Is it on delivery based trading or day trading.

ravi kumar

ravi kumar (Querist)

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)

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now