If salaried person has a taxable income and Intraday trading loss of rs.40,000 and he/she does not want to carry forward the Intraday trading losses, is it mandatory for the salaried person to show losses. What happens if salaried person shows only salary income and pay taxes and ignores the Intraday trading losses while filing the taxes, will he/she be penalised by IT Dept?
Why one should be penalised for losses?. You can c/f losses if you want to. If you have profits next year then it can set off against losses of previous years. If you forget it later you cannot take it.
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