Comment on Taxation Simplified

chella commented on 04 Aug 2013, 07:03 AM

Dear Sir, In case of a house-wife who has been frequently trading in F&O making profit in certain transactions & losses in others but cumulatively only loss in each year and having no other income, whether she is required to file Income tax return? Assuming that she has no income and the margin requirement for the transactions are with money given to her by her son and her husband and she has only overall loss in each year whether she it is still mandatory to file the return? If no return is filed for the earlier years whether can it be done now? What are the legal implications involved?

What is the last date for filing the return for the assessment year 2013-2014? whether Section 44AD is applicable for the AY 2013 -14 or for previous years also?

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