Receiving emails for submitting return even though my income is not taxable

My AIS for FY 2023-2024 has following entries:

Dividend =10,341
Interest from savings bank =5,512
Interest from deposit =1,304
Sale of securities and units of mutual fund =9,83,276
Off market debit transactions =11,430 (Stock Gift from my mother)
Outward foreign remittance/purchase of foreign currency =3,14,376
As per my zerodha PnL Statement, I Had following details,

Intraday/Speculative profit=    0
Equity Short Term profit=    3587
Equity Long Term profit=    141404.6
Mutual Fund Long Term profit Equity =    34378.6503
Options Realized Profit    = -85882.5

Based on above information, I thought I am not having any taxable income, Hence Not submitted ITR, Hence I ignored to the ITR emails/SMS for 15 JAN 2025 deadline. Now I am receiveing Email for submitting ITR-U stating that NO VALID ITR EXISTING FOR YOUR PAN. I am attaching my previous ITR-3 extract for reference if required.

I am not salaried. I stopped F&O trading and not planning in future. Not interested to claim business loss.

In my case, Is it necessary to submit ITR-U? 

 


Attached File : 3583300 20250203202539 itr3.pdf downloaded: 81 times
Replies (2)
Quick Summary
This discussion addresses a user receiving emails to file an updated Income Tax Return (ITR-U) even though they believe their income isn't taxable. Despite having significant transactions like dividend income, interest, and substantial capital gains from securities and mutual funds, their net profit after accounting for losses in options trading appears to be below the taxable threshold. The user is seeking clarification on whether filing an ITR-U is mandatory in their situation, especially since they are not salaried and have ceased F&O trading, and what potential penalties might apply if they don't comply.

my suggestion, please file the tax return. DId you not see the recent case of F&O transactions where the individual did not file the return and AO levied tax on gross amounts of turnover reported by the exchanges to the Income-tax department?

Thanks Nikhil Jee,

But As per my knowledge you cannot file a Nil return in ITR-U. My income is not taxable then Is it possible for me to file ITR-U? What will be the Fees/Penalty/Charges I have to pay?

Please suggest. Thanks in advance.

Warm Regards

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