Should I file ITR?

Taxation
1

Hi, I did few intraday trades and have few stcg, but my annual salary is none and income from intraday and stcg is less than basic exemption limit for taxation, 2,50,000.
No intraday losses or other sources of income

Should i file ITR?

2

It doesn’t cost anything, so I think you should submit ITR. It will take less than 10 mins. Also, it can act as a proof for something in future.

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3

Sir, is it mandatory for someone below exemption limit but has stcg and intraday?

4

I don’t think it is mandatory. There are many people who unintentionally don’t report their P/L in their ITR. But as a good citizen and to avoid foreseen complications, you should submit ITR.

In case if you have any loss (short term or long term), you can carry forward it next year and taxable profit can be adjusted against those losses. This is possible only if you file ITR and show loss

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5

Yes, as china virus has said, carry forward of losses is a big advantage if you intend to do trades in the future. This carry forward is only applicable if you file ITR.

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6

i had Losses which i wanted to carry forward by filing ITR . But they said it’ll cost 5k for Auditing hence i dint do it. I thought its free as u mentioned. I trade Options

7

Audit is done by third person, so obviously he will charge for his service. Since you wanted audit, I assuming your turnover is more than 5cr in fno. With this much amount, it’s not about profit or loss. By not filing ITR you are inviting more trouble. Tax department has all your details and can easily hold you later with penalties.

And personally I don’t thing 5k (for a legal obligation) is much for a person with 5cr+ annual turnover.

8

Hi @Ab_1

It is not mandatory but suggested to file your Income Tax Return (ITR) even if your taxable income is less than the basic exemption limit.

Reference - Who should file Income Tax Return (ITR)? | Help Center | Quicko

9

isn’t tax filing a complicated task which would involve a professional and that professional will charge money for it so how can ‘it doesn’t cost anything’

10

It’s easy when there’s no complicated and multiple income sources, similar to OP case. Obviously when income increases/multiple sources, then professionals are better in terms of reducing tax liabilities.

11

So i have no any income source except capital gain (stcg) so which itr should i file nd how?

12

My Turnover was just a Few Lakhs . Would it still be necesarry