Non filing of i. tax return

This query is : Resolved

Amrit (Querist)
Follow

19 September 2015 I was trading in shares. But my profit was much below the taxable income. Mu Turnover was about 33 lacs. Please advise whether I am required to file Income Tax Return or not

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

19 September 2015 Not required to file return.

praveen

praveen (Expert)
Follow

19 September 2015 You are not required to file the returns but you can consider filing the IT returns since you are dealing in shares and AIR would have the details of trading in shares. Since a lot of things are getting online there will be chance that you get correnspondence from the income tax department asking you to explain why the returns was not filed. In my opinion better to file the returns and have all the details properly now rather than searching for details after 2 years.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

20 September 2015 I also agree to the above view in view of notices received from income tax.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

RAJ SANKLECHA

CA. Urmila Mahalwal

Amogh Gokhale

DHRUV PATEL

THOMAS JOHN

Subscribe Now

Non filing of i. tax return

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA