non mention of commodity loss

[Srinivasulu Akula]

Good afternoon Sir/Madam,

I want to know about some penlty provisions under income tax act

' Non mention of commodity loss by Individual in Incometax return, is effect any penalties?

AI Summary

Clarification Sought on Reporting Commodity Losses in Tax Returns Under Income Tax Act; No Penalty Known Yet An individual inquired about potential penalties under the Income Tax Act for not mentioning commodity losses in their income tax return. The response indicated that, to the responder's knowledge, there is no requirement to mention such losses in the return. However, the responder requested further clarification on the query as it was not clear.