Which income tax form to use


(Querist)
11 July 2019
Dear Forum Members,

Can u advise what should i do.I am a normal taxpayer with salary income & TDS deducted at source. I have also done some share buy back, & F & O transctions in which total turnover is Rs 2.4 lacs with net loss of Rs 1131.

Filling the form 3 requires the help of a CA. May i fill fom 1. I have also raised this quey from Income Tax helpline but they failed to answer. My contention is that when turnover is low, no pofit is there, form 1 should be filled or not.


B.Chackrapani Warrier (Expert)
11 July 2019
ITR-1 will not suffice.

CMA ALKESH PATEL (Expert)
11 July 2019
YOU CAN FILE ITR 1 IF YOU HAVE NOMINAL LOSS AND YOU COULD NOT CARRY FORWARD THE LOSS THEN YOU HAVE FILE ITR 1

CMA ALKESH PATEL (Expert)
11 July 2019
DEAR SIR,
YOUR ANSWER IS CORRECT,
BUT MY OPINION IS IF I HAVE NOMINAL LOSS SO I CAN IGNORE THIS ?


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