What is the penalty for not filing Tax Audit report?

Is there any penalty in case someone has trading activity but they have not filed ITR with audit?

Hey Sneha,

For FY 2018-19, the IT Department has started sending out emails under voluntary compliance scheme to the taxpayers who have done trading activity but not filed the Income Tax Return. The IT Department has started this campaign to provide an opportunity to taxpayers to validate the information and avoid tax notices.
If you have received such email, you need to login to your income tax e-filing account and validate the transactions on the e-compliance portal. If you validate such transactions, filing ITR is not mandatory.
However, it is always a good practice to file your ITR. In case the total income is less than the basic exemption limit you can file a Nil return.