Hi guys,
I left my job in 2011 feb. Up to that i have paid IT regularly.
Than after i entered to stock market as full time trader. ( only F&O and mcx). I have made huge losses in these years . i didnt file any returns these years. Now i want file returns for these financial years.
2011- 2012
2012-2013
2013-2014
2014-2015
today i met one guy he is ready to file returns with losses ( losses for only 2 years). he is charging 500 per 1 year returns.
He asked some statemetnts.
1. Bank statement -- i collected through online. available.
2. loss statemnt from stock market. -- for this i logged in my back office... but where can i find these statemnts.. ( profit and loss)???
-- is this ledger balance or how to get my complete profit and loss statemnt ??
Plz guys advice??
Hello madhavareddy1203,
I am not an expert, but below is what I find on the net -
QUOTE
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Disadvantages of filing a late return
As per Income Tax Department of India : “Aa tax return may be furnished any time before the expiry of two years from the end of the financial year in which the income was earned’. This means that if you earned your income during FY 2009-10, you may file a belated return anytime before 31st March, 2012 ” . But there are some disadvantages if you dont file your returns on time . They are
•You will not be able to carry forward your Business loss (Speculation or otherwise) , capital loss , loss due to owning and maintaining of race horses.
•Loss of Interest on refund : You may loose interest on refund u/s 244A specially in case if you are claiming a Major amount as refund.
•You cannot revise your return.
NOTE: Dear Friends, the above article does not mean to encourage people for filing late return but only to make taxpayers aware about the provision of IT act and help them taking informed decision.
This is a guest article written by Mr. Rishabh Parakh who is a Chartered Accountant and Director at Money Plant Consulting
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UNQUOTE
The source is the following link --
http://www.jagoinvestor.com/2010/01...tax-returns-itr-deadline-and-still-enjoy.html
Hope it helps.
Enjoy,
CArnot