ITR applicable ?

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This discussion addresses whether an individual needs to get their accounts audited for Income Tax Return (ITR) filing. With a turnover of £200,000 in Futures & Options (F&O) and a loss of £60,000, despite having no other income source apart from an initial scholarship of £100,000, the user is seeking clarification. The general rule is that an audit is required if turnover exceeds £1 crore, but specific circumstances might apply.

Zeel

Zeel (Querist)

07 March 2023 Hy,

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.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

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.

Zeel

Zeel (Querist)

07 March 2023 Yes it's fy 2022-2023 current financial year Is it compulsory to file nil ITR as i don't want any benifits of loan, visa, ect..

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

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.

Zeel

Zeel (Querist)

07 March 2023 But sir my all gross transaction is not crossing even 10 lac still query rise.

Can you specify on which basis query can rise and in which time I should file itr if applicable?

Zeel

Zeel (Querist)

07 March 2023 But sir my all gross transaction is not crossing even 10 lac still query rise.

Can you specify on which basis query can rise and in which time I should file itr if applicable?

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

07 March 2023 If you are obsessed to file return, don't mind.
If you wish you can file it after 1st April, 2023 onward...

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