Do I need to file income tax

Hi

No, you don't need to file ITR if your income is below 250000.

If you want to file ITR, you may file it. But it is not mandatory.

Hi,

You can file ITR 3 and show your profit/ loss in the return.

Please let us know if you have any other question around it.

Hi,

Since your income is below 2,50,000 which is the basic exemption limit, it is not mandatory for you to file the return.

However, if you want then you can file.

Thanks

Damini

It is not mandatory for you since your income is below the threshold of 2.5 lakhs. However you may still file the return if you want.

Regards ,

Nikhil

No not at all

If you have PAN Card than, Yes

First it is essential to know what type of business you are into, trading business, commission business etc. If it is trading business it is better to file the income tax return , though your sales is only rs.40,000/- in 2017-18, but you may be having some fixed expenses, you can also calculate the depreciation on the Fixed Assets if purchased. Please calculate your profit or loss for the year. If you have incurrred loss in the year 2017-18, you can file a loss return and can take the benefit of the Loss for the next 8 years and can reduce your future profits by the current years loss, thereby reducing your tax liability in the future years.

If any other business also, it is better to file the returns for the FY 2017-18 for the above mentioned reasons.

Not mandatory but willing if you want to file the return ,you can.

Dear Sir,

No you are not required to file ITR subject to information given in the question.

Thanks

If your whole income for the year 2017-18 includes only this Rs.40,000/- you are not required to file any income tax return. Filing of return is not required if your taxable income is below the Basic Exemption limit. Basic exemption limit for the current year is Rs.2,50,000/-

No, You are not required to file Income Tax Return however you can voluntary file it.

Hi,

You are not required to file the return as your income does not exceed Rs. 2,50,000. ITR can be voluntarily by you.

Since your income is below the basic exemption limit you need not file return