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Income tax of person

This query is : Resolved 
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(Querist)
11 July 2014 Sir,
One of my Friend started a trading business in Kerala. Its annual turnover for the financial year 13-14 is Rs 6,50,000 only and it become net loss.I would like to know whether IT return is compulsory in this case .if yes can you share appropriate form for submitting the return .
Kindly advise the same
Thank®ards
Binu
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Nischit Sanghavi

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Nischit Sanghavi (Expert)
12 July 2014 When Assesse has business and occurred a loss in the current year then he must file return in-time i.e. within due date, so he can claim setoff of losses. In the next year, if he has a profit then previous year loss would be available to setoff and profit would be less.
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