Income tax retrun is required or not

ITR 518 views 3 replies

Basiclly my yearly income is not more than 1.5 Lakh, so I am not coming under tax bracket and there is no requirement for filling tax return. But recently I purchased some share from share market and sell during short time (within 2 months) i want to know is it now required to filled income tax return and I need to pay income tax on short term gain.

If Yes , I will fill ITR 2 ? and what value i will fill in "Short-term (15%) 7(ii) of Table E of Schedule CG)" as i am not aware about this, I know about ITR 1 very well.

 

Replies (3)

THERE IS NO NEED TO FILE RETURN IF TOTAL INCOME DOES NOT EXCEEDS 2,00,000.

IF YOUR TOTAL INCOME IS LESS THAN RS. 200000 INCLUDING SHORT TERM GAIN THEN THERE IS NO NEED TO FILE RETURN OF INCOME

agree with above answer.

Your income is below taxable limit. However, it is good to maintain proper record of IT returns. You may file ITR showing your income and pay nil tax.


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