Today I have received a message that ur pan card has been flagged for not filling ITR for the year 2018-2019 but I won’t come into the tax slab only can I know the reason for this from anyone here.
Bro previous years you filed itr and you didn’t file for aforessid year am i right?
No my income is less than 2.5lacs then why should I file itr
Doesn’t matter. you should always file your IT returns.
if income less than 2.5. It hardly takes 15 min.
if you are trading in stocks or FnO always file your return …even if you fall below limit you would get notice
me too got this sms i checked cp online on it return website they mention all share trading transactions that i done but my income was less than taxable income,what should i do now?
ITR are supposed to be filed every year even if your income is 0. They are a means for Income Tax dept to check and assess your earnings, without filing they can’t assess.
Traders usually end up with IT Notices irrespective of their total income due to reporting done in AIR (Annual Information Report). Reporting in AIR is done by A trustee of a Mutual Fund or a company or institution issuing bonds or debentures etc. hence the Income Tax Department has details of your trading activities and based on the same notices are issued to traders.
Following are the points to keep in mind:
- Do not ignore the notice from the Income Tax Department,
- Provide the response to the notice in a timely manner
- Response should be based on your income situation, traders have following two options:
- File ITR in response with all the details of trading activities done, Quicko can help you with the same.
- Provide reason for non-filing of ITR.
We would suggest you file your ITR in response and provide details of trading activity to avoid any non-compliance with Income Tax Department. You can DM us at [email protected] for any help relating to such notices.
But i have agriculture income and alsoo not fall under taxable slab, still receive this message… How to proceed now plz help
Cn u tel the process
my p/l for 2018-19
short term profit-rs.69824
long term loss- rs.(223984)
my total imcome is less then min. taxable limit,do i still have to pay tax of 15% on stcg?
can i adjust my stcg from basic exemption limit of 2.50 lac?
Yes, you can adjust your STCG from the Basic Exemption Limit.
However, you should file ITR and file a response to the IT Department from Compliance Portal if your PAN is tagged to clarify the same. For any further help, you can contact us.
In that case, you can file a NIL return. Here are some reasons why you must have received the SMS from the ITD