I had not filed my ITR for FY 07/08 and FY 08/09. That is because I made total loss in my share trading and hadn't "earned" anything for those years. Now, after such long time, department sent me a notice for not filing Income Tax Returns for those periods. How do I solve this matter? How do I present my case to the department?
About how I lost my money:
Back then I was doing Intraday share trading, and I used to do share trading with the margin of a share broker. I invested Rs. 1,25,000 when The Turnover was Rs. 54 lakhs in FY 2007/08 but it fell apart drastically to Rs 19 lakhs in FY 2008/09. And I lost my money.
Jan. 05, 2018