Itr mandatory on stcg but below income slab?

  1. 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.

  1. 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?

@Kaushal_Soni @Divya_Singhvi @Laxmi_Navlani @AkashJhaveri can you?

Hi @Latesh_Bayad

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 :slightly_smiling_face:

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  1. So if my income is below 2.5L, I would not need to file itr even if that income includes stcg? Or would I.

  2. And the DIY income tax for business and profession would also include the capital gains option?

  3. 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?

Hi @Latesh_Bayad

It refers to Income (Profit) from Busines & Professions.

Please reply to this

Hi @Latesh_Bayad

  1. Yes, as per IT Act the basic exemption limit considers the total income which including STCG.
  2. Yes, the plan for business and profession shall cover capital gains and other income as well.
  3. No there is no standard deduction in the case of business and profession
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