Let’s say f&o turnover 4 cr with loss of 2 lakh, I don’t want carry forward my loss and I don’t want report balance sheet in income tax, hence I will not report those loss and trading activity in my itr. then what consequences face in worst case ? I ready pay fine for it.
no need to show loss.worst case your return may come for scrutiny u/s 143(3) ,show loss at that time.bottom line is that you are not hiding any income and thus not evading any taxes.