I am new to this market. I am currently doing just equity trading no F&O. So i wanted to start with F&O, so my query is that even though my income will not pass the limit for taxation i.e 2.5 lac. And as a student i dont have any other income. So do i need to file ITR or is it okay if don’t file one.
The Short Answer:
It’s ok to not file your ITR if your income is below the exemption limit.
More Details Here:
You may choose to not file your ITR if your income is below Rs. 2,50,000/-. However, if you want to carry forward any intraday or FnO losses (for 4 years and 8 years respectively) to set-off against future gains then you will be required to file your ITR.
Even if you don’t have any losses to carry forward, the suggested best practice would be to file your ITR every year for record keeping purposes. That way if in the future your past records are being scrutinized by the IT Department then you’d have a better standing with your filed records.
For further details:
Check with your Accountant.
Cheers.
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