Hi,
I am full time emploee working out of India for the AY 2017 - 2018. I had some of my stocks that I sold during this assessment year. 17-18. The profit is negligible with less than 20K.I don’t have any other income. I don’t have Form 16.
I am getting mail from other It to file tax returns. Do I need to file returns? Hopefully no audit required.
Please clarify.
Profit or No Profit, Filing tax Returns makes life a lot easier later on.
Once you start receiving the IT Notice for non compliance, things can get more complicated and time consuming,
A stitch in time saves seven.
Thanks a lot for the clarification.
Sir can you tell me more about taxation on gold in india? I have read something about it in the below link
Gold is a Capital Asset as per the Income Tax Act. Income on sale of physical gold or gold ETFs/MFs is classified as Capital Gains. You can read more about it here:
Income Tax on ETF (Exchange Traded Funds) in India.