Return filing for stock trading

Yes, otherwise notice to follow for no-filling of ITR....

TDS on Salary will trigger the 'NMS app'.

Thanks for your kind reply.

Wont it attract IT dept officials if the turnover is more than 40L (as trading is done throguh margin utilization)? Since no profit is made declaring such huge turnover might also force them to send notice since his salary is only 6L.

Returns will be filed for salary .Im concerned only about filing it for trading losses...Can i skip them by only filing returns for salary received as tax for the same is already paid?

Turnover of the share trading is arrived at differencial amount and not the value of shares traded. Secondly the trading also figures in the radar of the department, and hiding the transaction will be more harmful than the declaration. Get statement from your trader which will authenticate your losses. As the aggregate income is below exemption limit, no audit is required.

Get double benefit of loss carry forward and TDS refund !!!

My friends the one with the above case.As per the statement received from the broker his F&O segment turn over is around 40L and the net loss incurred is 4L.He is salaried and has paid all of his taxes.If he fies returns for the trading loss it would be considered non speculative business and hence for such huge turnover(Using margin trading) he would be answerable to it right?that would be more painful rather than skip filing returns for the losses incurred and let go of the carry forward benefits right?