A person who have no job or other income traded in stock exchange and commodity exchanges. He had not conducted tax audit being the trades exceeds value of crores in future trading in that financial year. He had not filed income tax return too.. He made lossesand does not wish to carry over losses to subsequent years. Income tax department asking explanation for no failure of filing income tax returns. What to do?.
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Liability of ir filing
Replies (4)
Which AY.?
Last financial year. notice received one week ago. transactions in securities market between 1/4/2014 to 31.3.2015
if he has losses than he should write the income is NIl. If he not employed where did he get money to trade with 1 cr turn over. he shud report the truth to IT dept - that it.
How much turnover by future transaction? Do you knw na? How to calculate turnover in detivative transactions?
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