Comment on Taxation for Traders - Introduction
commented on
02 Apr 2016, 12:39 PM
As long as you haven’t evaded taxes, non filing is not a very serious issue. But the chances of getting a notice are very high, so if you haven’t filed you would have to go meet the ITO and give him an explanation and all.
If you haven’t filed your returns in time, you can’t carry forward losses. Suggest you to go through this module: http://zerodha.com/varsity/module/markets-and-taxation/