I m only doing intraday equity and options trading .I don’t get salary …My profit is 4.25 Lacs for this year which is less than 5 Lacs limit… Should I need to pay tax??
The limit is 2.5 lacs for not filing income tax return. Between 2.5 lacs to 5 lacs, the tax rate is 5% but the govt. offers a rebate of up to 12,500/- if the total taxable income stays below 5 lacs.
So, technically you may not have to pay tax but it is still advisable to file your return.
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No Tax upto the income of 5,00,000
Income Tax filing is compulsory if your income is more than 2,50,000 or to carry forward any losses.
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