**Missed ITR filing for 2 years due to F&O losses — need advice**

I'm in a bit of a situation and need advice from people who've been through something similar.

**My situation:**

- I've been trading F&O for the past couple of years

- Made net losses of around ₹5 lakh over the period

- Did NOT file ITR for FY 2023-24 and FY 2024-25 (I know, I know...)

- No other income source — trading was my only activity

- Checked the IT portal today — no outstanding demand, no notices, no e-proceedings as of now

**Current year (FY 2026-27):**

- Shifted to equity trading (no more F&O)

- Expecting decent profits this year

- Want to carry forward past losses to offset future gains

**What I'm planning:**

- File ITR-U for FY 2023-24 and FY 2024-25 (losses, so hopefully zero tax and zero penalty)

- File regular ITR-3 for FY 2025-26 before July 31, 2026

**My questions:**

1. Since I had only F&O losses and zero taxable income, will there actually be zero penalty for late filing?

2. Can I still carry forward these losses via ITR-U or is that benefit lost?

3. Any CA recommendations?

4. Anything else I'm missing or should be careful about?

Thanks in advance. Already feeling stupid for missing 2 years but trying to fix it properly now.