Need to file income tax return or not?
This query is : Resolved
19 April 2019
My close relative will have a total annual salary of Rs 1,80,000/- this financial year 2019-20.
From his savings in bank of previous financial years, he is planning to buy stocks worth Rs 4,00,000/- this financial year. He will spread the amount across shares of different companies. He will not buy more than Rs 99,000/- worth shares of ANY ONE company.
If he sells any of these shares before the end of this financial year, he will make sure his total profit is less than Rs 69,000/- in this financial year.
My question is whether there will be any problem if he DOES NOT FILE Income Tax Return for this financial year 2019-20 (i.e. A.Y. 2020-21)?
(He has not been filing returns so far because his total income was always way below Rs 2,50,000/-).
From his savings in bank of previous financial years, he is planning to buy stocks worth Rs 4,00,000/- this financial year. He will spread the amount across shares of different companies. He will not buy more than Rs 99,000/- worth shares of ANY ONE company.
If he sells any of these shares before the end of this financial year, he will make sure his total profit is less than Rs 69,000/- in this financial year.
My question is whether there will be any problem if he DOES NOT FILE Income Tax Return for this financial year 2019-20 (i.e. A.Y. 2020-21)?
(He has not been filing returns so far because his total income was always way below Rs 2,50,000/-).
20 April 2019
No need to file the return as the income is below taxable income.
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