Hi @Ajay_Mohanta
As per the Income Tax Act, if a person’s income is below the basic exemption limit, filing an Income Tax Return (ITR) is not mandatory. In your wife’s case, since she had no income during the financial year, ITR filing is not required. However, if there are transactions like the sale of securities, she needs to provide feedback in her AIS, mentioning that the transaction has been included in the ITR of her spouse.
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Hi Sir, Last financial year I traded in F&O with my money in both my and my wife’s account. The total F&O turn over of both the accounts was 1.18 crore and the net loss was 10 lakh. I have never used section 44AD and Presumptive taxation. Also due to this loss in F&O my net income for the fiscal year was below exemption limit of 2.5 lakh. So do I need to get audited as I am to show a loss of 10 lakh in F&O in ITR3?