ITR applicable ?

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Zeel (Querist)
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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)
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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)
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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)
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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)
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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)
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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)
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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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