Comment on Taxation Simplified

Nithin Kamath commented on 03 Feb 2013, 09:57 AM

Hi Praveen,

If you are income is less than 2lks and you trade/invest in shares

1. You don’t come under taxable category and it is not required for you to file your returns. But my advise would be to still file it as it brings about a financial discipline and will help you in future when you approach a bank for a loan or other such activities.

2. It is not mandatory to file, but if you are filing you still use the same forms which I have mentioned in the article above.ITR1/ITR2/ITR4 based on how you are considering your trading.

3. Yes you can get the benefit of carry forwarding the losses even if salary is the only income. But to get benefit of carry forwarding the losses, you need to ensure that you have filed your returns before the due dates otherwise you let go of this benefit.

View the full comment thread »