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 .
CAclubindia
