IT Returns, is it mandatory if income below exemption limit

Taxation
1

I have Options turnover of ₹2 lakh & losses around ₹45k. My interest income is ₹5k and no other income for the financial year. Is it mandatory to file tax returns. I don’t mind if I can’t carry forward loses.

2

No. You don’t have to file the returns for the year. However I suggest you file the returns by applying 6 percent on turnover as profit. Anyways you don’t lose anything in either of the cases.

1 Like
3

Hi @Agnels

As per Income Tax Act, It is not mandatory to file the income tax return if your income is less than basic exemption limit.