My salary is below 2.5L and I do Intraday, Short term on equity, adding all the profit and salary it is still below 2.5L, Do I have tax liabilty?
My salary is below 2.5L and I do Intraday, Short term and long term on equity, adding all the profit and salary it is still below 2.5L and above 2L, Do I have tax liabilty?
It’s always a good practice to file ITR. If your income is below the exemption limit you can file a NIL Income Tax Return.
By filing an income tax return you can:
claim refund for the TDS deducted
avoid non-filers notice from the Income tax department
carry forward losses to the subsequent financial years
ITR serves as a proof of income for visa applications, loans etc.
The accrued interest on bank deposit should be reported as a taxable income in the ITR of the financial year. Further, the Bank would deduct TDS on the interest paid and accrued. Such TDS would be reflected in your Form 26AS and it thus advisable to report it as a taxable income to avoid a mismatch notice.
Dear Quicko,
For instance a person has less than 2.5 lakhs salary and made a loss in Trading,still they could file nil returns or need to do proper filing to carry forward losses for subsequent financial years,and also what about the last date for nil returns and proper ITR filing this year
To carry forward the loss to future financial years, it is mandatory to file the Income Tax Return. If the total income from all sources is less than 2.5 lacs and there is a trading loss, tax audit is not applicable. You can file the ITR on or before 31st July of the next financial year. For FY 2019-20 (AY 2020-21), the due date to file ITR has been extended to 30th November 2020 due to COVID-19.
You can file your ITR on online tax filing platform like Quicko. To take help of an expert from our team, explore the plans here - ITR Plans