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My wife is housewife. Her income is from Bank interest earned on FDs and some share transactions. These Bank FDs are created when she was working.

Her total income for financial year 2010-11 & 2011-12 was not taxable. She did not earn bank interest more than 10000 on any year.  She earned some long term gains in shares transactions.  She also earned some short term loss in shares transactions.

As her total income was not taxable, she did not file Tax return for assessment year 2011-12 & 2012013. If she wants to file tax returns for assessment years 2011-12 & 2012013 now then whether there will be any penalty?  Whether she can carry forward short term  losses she earned in financial years 2010-11 & 2011-12 ?