ITR applicable or not

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As a student receiving a scholarship of £2 lakh, if the total amount in your account exceeds £2.5 lakh, you may need to file an Income Tax Return (ITR), even with small other transactions and no side income. If you also trade in F&O with a turnover of £2 lakh and a loss of £60k, you are generally required to file an ITR. Tax audit is typically not applicable unless specific conditions under Section 44AD(4) have been met in previous years.

Zeel

Zeel (Querist)
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06 March 2023 Hy, i am a student and i got scholarship of 2lac.
IF money credit in my account total of it cross 2.5 lac. Am i applicable to file ITR. All other transections are small which is debited and credited in account. As i am student i don't have any side income

Dhirajlal Rambhia online

Dhirajlal Rambhia online

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06 March 2023 If you have no other income, you are not required to file ITR.

Zeel

Zeel (Querist)
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07 March 2023 I trade in fno and there my turnover is 2 lac and loss of 60k still i need to file itr. According to law my turnover is lessthan 2 cr and profit is less than 6% do I need to audit my account.

Dhirajlal Rambhia online

Dhirajlal Rambhia online

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07 March 2023 As said earlier, if sec. 44AD(4) of IT act is not triggered in any preceding five years, tax audit not applicable.

Zeel

Zeel (Querist)
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07 March 2023 Thanks 🙏 for your valuable time and suggest me.

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Dhirajlal Rambhia online

Dhirajlal Rambhia online

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07 March 2023 You are welcome.