As i am thinking about not trade till start of next FY so there won’t be any profit or loss.
Few questions again:
Do I need to maintain books ?
To carry forward loss what are dates to file it.
If i continue trading when do I need an Audit.
There might be more questions after ur answers sir so kindly bear with me. As i am new to trading and only thought it’s just Buying and selling stocks or F&O and if we have profit more than Exemption limit we don’t need to file and ITR. I didn’t know about all the other things knew about turnover and all other things few days back from @VijayNair sir and @t7support Sir
It is mandatory to file the ITR when the gross income is more than INR 2.5 Lakhs. Even if you have losses it is always a good practice to file the ITR and this enables taxpayers to carry forward their losses as well. However, for FY 2021-22 the due date to file ITR has already passed so carrying forward of loss shall not be allowed.