Comment on Taxation for Traders - Introduction

Mohan,

If you haven’t filed your returns on time you cannot net off the previous losses with your this year profits. But for the last finacial year you still have time to file until Sept 30th, so go ahead and file your returns for last year and the losses which you show can be net off against profits you make this year.

Check this blog on Taxation Simplifed , you will need ITR4 for this.

Cheers,

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