My profit from F&O trading is 50K & turnover is less than 1 crore & i have no other income. Do I need to file ITR?
Hi Aayushi,
It is always a good practice to file your ITR and report all your financial transactions to avoid notice from the Income Tax Department. Especially after the SEBI and CBDT’s data partnership. If your total income is below the basic exemption limit, you won’t have any tax liability.
- If my income and Short term capital gains combined total are below:
A. 5 lac (income until which tax is 0 using rebate) do I need to file itr or not mandatory.
B. For below 2.5 Lac will I be needed to file itr
In short, if I have stcg but my total income is still below the above 2 scenarios, is itr mandatory. Please tell me about both cases.
- Can I file business income tax myself without opting for CA assisted plan which comes when choosing business or profession itr as it includes capital gains and income from freelancing?
A. Yes you need to file ITR since the total income is more than the Basic Exemption limit i.e 2,50,000 INR.
B. As per the IT Act since your income is less than the Basic Exemption limit i.e 2,50,000 INR it is not mandatory to file ITR. However, irrespective of the income it is mandatory to file ITR for certain income situations. You can refer to the below article:
Yes, you can file the return on your own if you don’t want to opt for any assisted plan using Quicko DIY platform.
Hope this helps 
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So if my income is below 2.5L, I would not need to file itr even if that income includes stcg? Or would I.
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And the DIY income tax for business and profession would also include the capital gains option?
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I heard there’s standard deduction for salaried employees. Is there anything for businesses as well?
And here
What does it mean by “Regular business profit” under business income?
It refers to Income (Profit) from Busines & Professions.
Please reply to this
https://qna.tax/t/itr-mandatory-on-stcg-but-below-income-slab/974/4?u=latesh_bayad
- Yes, as per IT Act the basic exemption limit considers the total income which including STCG.
- Yes, the plan for business and profession shall cover capital gains and other income as well.
- No there is no standard deduction in the case of business and profession
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Hi @royanish388, if the total income is below the basic exemption limit of INR 2.5 lakh, then there won’t be any tax liability. However, you should file your ITR and report your STCG.
CBDT partners with SEBI to curb tax evasion - Blog by Quicko
is this partnership also for the data of intraday traders : in nse cash equity and fno
?
Hi @HIREiN, since NSE falls under SEBI - the partnership applies to all the trades done on NSE.
I have not filed an ITR before and in FY21-22 I made 4 F&O trades and booked a loss of 15000. Is it compulsory for me to file ITR or I can avoid. I have no other income. Can I avoid filing and if I do will there be any penalty?
I have not filed an ITR before and in FY21-22 I made 4 F&O trades and booked a loss of 15000. Is it compulsory for me to file ITR or I can avoid. I have no other income. Can I avoid filing and if I do will there be any penalty
Hey Atul
It is always a good practice to file your ITR and report all your financial transactions to avoid notice from the Income Tax Department. Especially after the SEBI and CBDT’s data partnership If your total income is below the basic exemption limit, you won’t have any tax liability.
I have not filed an ITR before and in FY21-22 I made 4 F&O trades and booked a loss of 15000. Is it compulsory for me to file ITR or I can avoid. I have no other income.
Hey @ATUL
It is always a good practice to file your ITR and report all your financial transactions to avoid notice from the Income Tax Department. Especially after the SEBI and CBDT’s data partnership If your total income is below the basic exemption limit, you won’t have any tax liability.
Can I avoid filing the ITR. As of this year I an not trading. I am a student and will reasonably start working from next financial year. And being my trading turnover in 35000.