Comment on Notice under Section 139(9)? - Possible reason
commented on
10 Jun 2013, 02:43 PM
Tharun,
You definitely should especially if you have done any futures and options trading during the last year. There are 2 things that will help
1. If you declare this loss, you can carry forward this for the next 7 years and set it off against any business income of yours. So this way your loss will automatically reduce by how much you save taxes.
2. If you don’t file your return, there is a possibility that tomorrow you might get a notice from the IT department asking you to pay taxes considering your profit as 8% of the settlement turnover. The chances are low, but there is a possibility and can compound your losses based on how much turnover you have done.
If it is your first time, take the proofs that I have mentioned above and go to a CA and ask him to file your returns.