I worked from 2016 to 2019 and filed ITR. I went to complete my higher education from 2019 to march 2021. I was a student with no income and hardly 20K of total saving bank interest in a year. So i did not file ITR for FY 2020-21. Now, I have received a msg, email from income tax asking to file as March 31st 2024 is last date for filing for AY 2021-22.
Can anyone help if i should file or not? given my income was not even 30K from all sources in the FY 2020-21.TIA
Hello @Sam_G
As per the law, filing of ITR is not mandatory if your total income is less than 2.5 lakhs for a particular financial year. But, we recommend you to file ITR since you were a regular taxpayer, you can have a trail of ITR without missing any year.
Our team can help you to file ITR online. You can book a slot using the below link:
Thank you.
Do I have to file ITR if I have loss in FNO ?
FNO TURNOVER is 4 lacs and loss is 1 lac.
No other income.
Hey @ATDES,
It is always recommended to file the ITR. Moreover, by reporting these losses you can carry them forward for 8 years and set the off against any profits that you make in subsequent years and reduce your taxes.
Thanks for the information. but is it mandatory to file ITR incase of loss ? I don’t want to carry forward losses.
Hey @ATDES,
If you don’t have an annual income of above ₹2.5L, which is the basic exemption limit, it is not mandatory to file an ITR.
suppose if some one has an annual income of above ₹2.5L, so . it is mandatory to file an ITR.
BUT , what will happen if the ITR NOT filed because the tax liability is NIL ?
Since the tax liability is NIL ; even though the ITR filing is mandatory ; what would happen if NOT filed ?
Hey @HIREiN,
It is mandatory to file the ITR if your income exceeds the basic exemption limit. You do get a rebate u/s 87A with which you do not have to pay any tax on an income of up to ₹5 lakh under old regime and ₹7 lakh under new regime. However, to claim the rebate, filing ITR becomes mandatory.
Yes. I understand that it is mandatory .
But . What will happen or what will be the penalty if not filed since tax liability comes to nil ?