Tax return related
This query is : Resolved
10 March 2016
My annual income is below 1 lakh. I was purchased and sold some equity shares and suffered lose in FY 2014-15. Total traded value is approx. 19000 (actual full traded value. This is not profit nor loss) only. This is not intraday trading. Bought shares and sold them within one year.
I got an e-mail that remembers filing tax return for the FY 2014-15 before 2016 march 31. Is there any requirement for filing that return as my income is not beyond the tax free limit?
I got an e-mail that remembers filing tax return for the FY 2014-15 before 2016 march 31. Is there any requirement for filing that return as my income is not beyond the tax free limit?
Ankur Singhal
(Expert)
10 March 2016
Dear
Under the light of facts told by you it is not required by you to file the income tax return.
Under the light of facts told by you it is not required by you to file the income tax return.
10 March 2016
Since you traded in shares it will be termed as business activity and therfore u need to file ITR4 even if u suffered loss for same year.
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Ankur Singhal
(Expert)
10 March 2016
Dear
The trading in share is deemed as business if volume is high, trading is done frequently.
The total trading is just rs 19000/- it does not comprise business income.
It is income from other sources.
Hence no need to file return.
The trading in share is deemed as business if volume is high, trading is done frequently.
The total trading is just rs 19000/- it does not comprise business income.
It is income from other sources.
Hence no need to file return.
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10 March 2016
To my view if its intra day trading and net resulting in 19000 and i done on frequent basis then its business income.
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