i have 2 lac turnover in fno and loss of 60k i don't have any income source i started with scholarship of 1 lac still I need to audit my account as my turnover under 1cr and profit<8% of turnover.
How the income calculated i have done so many transections in saving account but all are small the gross credit amount is not crossing 10 lac I'm in engineering student current year is 3rd. Do I still need to file itr.
Suggest me accordingly your valuable knowledge it will help me to get out from this.
07 March 2023
Legally speaking, you are not liable for filing ITR, nor liable for tax audit too. But if it is for FY 2022-23, advisable to file nil tax liability ITR, to be relieved off any future query.
07 March 2023
No, it's not mandatory as per sec. 139(1) of IT act. But due to your transaction history, there may be query raised for non-filing of return.
CAclubindia
