FY 18-19 what is peanlty for not having tax audit

[curiousvi]

For FY18-19 - if tax audit was required and we did not have tax audit - what is the penalty?
Fact is …I am not sure if audit is required because total income including trading income is less than 2.5 lakh @TAXIQ.IN @Sakshi_Shah @Quicko

[Quicko]

@curiousvi

For FY18-19 - if tax audit was required and we did not have tax audit - what is the penalty?
Fact is …I am not sure if audit is required because total income including trading income is less than 2.5 lak

@Quicko

Tax Audit is not applicable since the total income is less than the basic exemption limit and the trading turnover is less than INR 1 Cr.
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.

The last date to file belated/revised ITR for FY 2018-19 has been extended to 30th September.

For any further queries or compliance help, you can connect with us on [email protected].

You can read more about tax audit of trading income on our learn center