On behalf of my friend, he had commodity loss of Rs 6 lakhs in previous FY (2017 - 18) and approx 4 lakhs in current FY (2018-19) . He is running transportation business as a proprietorship . Please suggest regarding Income tax return . . he had not filed any income tax return till now as he is not showing any income source by filing of return. Any consequences for that ? ? Please help what should he have to do now to avoid any liability .
Thanx in advance .
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Commodity loss
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He should file return. Loss from derivative trading (commodity) can be carried forward for future years which can be set off from profit of future assessment years. If he does not file return showing loss from commodity he can can not set off that loss from profit. CA umesh kumar- 9717597230
file return for that and then can set-off
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