Is it mandatory to file Income Tax Return if their is No Income

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  1. P. Venu

    P. Venu New Member

    One is a regular trader under F&O segment of the NSE. She, however, has not earned any trading profit in any particular Financial Year. Is it mandatory that the person has to file Income Tax Return?

    Will the response be different if she has earned some profit, but the amount is less than the thresh hold limit of Rs.2.00 lacs ?
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    In both the cases, it is not necessary for the trader to file the income tax return as it is not mandatory to file an income tax return if the total income of the assessee is less than the minimum amount chargeable to tax.

    As the total income of the assessee is less than Rs. 2 Lakh, therefore filing income tax return is not mandatory.
     
  3. For details please refer secton 139 of the Income Tax Act 1961.
     
    gaurav_kumar likes this.
  4. Mamta Sen

    Mamta Sen New Member

    No. It is not mandatory but voluntary to file income tax return if you have no income or your income is below the specified limit of the tax slab. Filing return has its own benefits.
    If you wish to file your income tax return online, refer http://www.finmart.com/sr-it-return-and-advisory.html
     
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