Comment on Updates - June 2015

sonia.soni04 commented on 26 Jun 2015, 02:27 PM

Hello Nitin,

Similar question again but need your expert comments on this.

I have traded in F&Q in F.Y 14-15 (A.Y 15-16) but profit are less that 8% of turnover as incurred loss but have other income from interest. This all remain less that 2.5 Lakhs.

I want to file ITR as suggested but which ITR form will be applicable for me in this case as there is not Tax liability.

I checked the link

Taxation Simplified

which mention, if your total gross total income (trading + Salary or other business) is lesser than Rs 2lks, you don’t need an audit even if your profit is less than 8% of your turnover or if turnover for the year is > ₹1 crore

Is it possible to fill only ITR-1 and show interest income and leave this F&O thing to report ?

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