NON FILING OF IT RETURN

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  1. shakunthala

    shakunthala New Member

    I got a COMPLIANCE LETTER ON 19-7-2016 from IT DEPT regarding non filing of IT RETURN as on financial year 13-14.They have asked to furnish our response in the compliance module regarding CIB-502 I.e contract of Rs 1000000 or more in the commodities exchange.I didnot file my return because of the loss incurred in my trading account of Rs 4lakh and that was my initial capital and i come under the slab of below taxable income so plesase suggest me regarding this issue.

    thanking you
    shakunthala

    email [email protected]
     
  2. ZED

    ZED Well-Known Member

    What was the source of that much worth of trading if your income is below taxable limit?
     
  3. shakunthala

    shakunthala New Member

    I have taken loan from bank by pledging gold of 4lacs
     
  4. ZED

    ZED Well-Known Member

    You can fill this as response. You should also mention that you suffered loss.

    In case of loss, it can be carried forward for 8 years (4 years in case of intra day transaction), consider filing of return if you wish to carry forward the loss.
     
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