Is it mandatory to file income tax if my annual income is below taxable limit(hence have not paid any taxes for FY 2016-17) but I have traded futures & options, short term capital gain from equity. I do not have any losses to carry over to the next year.
It is best to file your ITR if you have traded F&O or anything on stock markets. IT department gets to know that trading was done using your PAN, if there is no corresponding ITR, there is a chance of getting notice. If you get, you would have to go explain that you didn’t file because there was no income. It is very similar to say if you deposit money into your bank account and don’t declare an income. The chances of receiving notice goes up.