• Income tax return query

Hello sir,

My name is Yogesh Das Mahant. I am practicing trading in share market in financial year 2018-19. I provide my tax P/L report given below :-

Realized Profit Breakdown : -
Intra-day/Speculative profit	-2268.00
Short-term profit	-0.60
Long-term profit	0.00
Total realized profit	-2268.60
Turnover Breakdown (Scripwise)	
Intra-day/speculative turnover	11200.00

This is the only data, no other source of income.

Is it require to submit income tax return? I already chat with Income tax helpline they told me that it is not mandatory for you.

Yogesh Das Mahant
email - [deleted]
Asked 2 years ago in Income Tax

Sir, It is not mandatory to file your income tax return in this case.

But if u opt to file Income tax return then u can carry foreword above losses to next Assessment year. So you can set off speculative income in next assessment year to the extant of carry foreword loss.

Shrinidhi Rao
CA, Udupi
38 Answers
1 Consultation

Not rated

Dear Sir,


Hope you are doing well !!


No, it is not mandatory.


However if you want to set off the losses then you need to file ITR.

Payal Chhajed
CA, Mumbai
5136 Answers
194 Consultations

5.0 on 5.0

Yes since your income is below 250000 you don't have to file income tax return and also if you wish to carry forward the loss and claim it in next year's you will have have to get your accounts audited.


Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Naman Maloo
CA, Jaipur
3915 Answers
52 Consultations

5.0 on 5.0

Hi Yogesh,


If you have any other income apart from it and your total income crosses 2.5 lacs, then you are required to file your return otherwise not.


Lakshita Bhandari
CA, Mumbai
5590 Answers
684 Consultations

5.0 on 5.0


No, it is not mandatory for you to file the return.

But if you wish to carry forward this loss to set off in future years, you will have to file the return and even get your accounts audited.

I hope this answer satisfies your requirement.



CA Hunny Badlani

Hunny Badlani
CA, Madhya Pradesh
2588 Answers
12 Consultations

5.0 on 5.0

Whether you have any income apart from this?

If not, you need not file income tax return.

You need to file return if your total income during the year exceeds basic exemption limit i.e. Rs. 2.5 Lakhs in your case.

If your income is below that than you need not file ITR, but on the other hand it is advisable to file ITR as it is required for many things which you may need in future

Priyank Kumar
CA, Agra
63 Answers

5.0 on 5.0

To claim loss in the future years, it is mandatory to file iTR before the due date.

Vivek Kumar Arora
CA, Delhi
4279 Answers
428 Consultations

5.0 on 5.0

If your total income for the financial year is less than 250,000 you don need to submit return.

Jasmina Jain Shah
CA, Greater Mumbai
447 Answers
4 Consultations

5.0 on 5.0

Hello Sir,


It is not mandatory to file return untill your total taxable is above 2.5 lakh.


However, you can not carry forward the losses without filing return. 



Karishma Chhajer
CA, Jodhpur
2439 Answers
27 Consultations

5.0 on 5.0

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