Non filing of i. tax return
This query is : Resolved
19 September 2015
I was trading in shares. But my profit was much below the taxable income. Mu Turnover was about 33 lacs. Please advise whether I am required to file Income Tax Return or not
CA R SEETHARAMAN
(Expert)
19 September 2015
Not required to file return.
19 September 2015
You are not required to file the returns but you can consider filing the IT returns since you are dealing in shares and AIR would have the details of trading in shares. Since a lot of things are getting online there will be chance that you get correnspondence from the income tax department asking you to explain why the returns was not filed. In my opinion better to file the returns and have all the details properly now rather than searching for details after 2 years.
CA R SEETHARAMAN
(Expert)
20 September 2015
I also agree to the above view in view of notices received from income tax.
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