Hello sir, My name is Yogesh Das Mahant. I am practicing trading in share market in financial year 2018-19. I provide my tax P/L report given below :- Realized Profit Breakdown : - Intra-day/Speculative profit -2268.00 Short-term profit -0.60 Long-term profit 0.00 Total realized profit -2268.60 Turnover Breakdown (Scripwise) Intra-day/speculative turnover 11200.00 This is the only data, no other source of income. Is it require to submit income tax return? I already chat with Income tax helpline they told me that it is not mandatory for you. Yogesh Das Mahant email - [deleted]
Sir, It is not mandatory to file your income tax return in this case.
But if u opt to file Income tax return then u can carry foreword above losses to next Assessment year. So you can set off speculative income in next assessment year to the extant of carry foreword loss.
Dear Sir,
Hope you are doing well !!
No, it is not mandatory.
However if you want to set off the losses then you need to file ITR.
Yes since your income is below 250000 you don't have to file income tax return and also if you wish to carry forward the loss and claim it in next year's you will have have to get your accounts audited.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Hi Yogesh,
If you have any other income apart from it and your total income crosses 2.5 lacs, then you are required to file your return otherwise not.
Hello,
No, it is not mandatory for you to file the return.
But if you wish to carry forward this loss to set off in future years, you will have to file the return and even get your accounts audited.
I hope this answer satisfies your requirement.
Regards,
CA Hunny Badlani
Whether you have any income apart from this?
If not, you need not file income tax return.
You need to file return if your total income during the year exceeds basic exemption limit i.e. Rs. 2.5 Lakhs in your case.
If your income is below that than you need not file ITR, but on the other hand it is advisable to file ITR as it is required for many things which you may need in future
To claim loss in the future years, it is mandatory to file iTR before the due date.
If your total income for the financial year is less than 250,000 you don need to submit return.
Hello Sir,
It is not mandatory to file return untill your total taxable is above 2.5 lakh.
However, you can not carry forward the losses without filing return.
