Reasons to file income tax returns.
1.If in losses , you can only carry forward your losses if you file your returns in time , this ensures that you can set off your future profits from the losses of earlier years. (Chances of getting income tax notices are high in the recent past if you have a loss and don't file your return)
2.If in profits , it is preferred to include your income from trading as all the information is digital and better to file your returns than ending up paying penalties later.
3.If you are a full time trader there is a way that you can claim all your expenses that are incurred for trading i.e software cost , data feed cost , brokerage , STT , CTT etc., this way you will be compliant to the tax laws at the same time showing profits from trading which doesn't impact your overall tax.
3.If you are a full time trader there is a way that you can claim all your expenses that are incurred for trading i.e software cost , data feed cost , brokerage , STT , CTT etc., this way you will be compliant to the tax laws at the same time showing profits from trading which doesn't impact your overall tax.
