Sir,I fall under Case 1-
1)I traded F&O in year FY 2013-14 and my turnover as per Zerodha report is-
FY 2013-2014 (AY 2014-15)
My F&O gross profit was -2200rs
Future turnover was -11900rs
Bank FD=7lacs So, Interest I received is Rs 59500rs.
=Income Below 2 Lacs
2)Same Turnover was for FY 2014-15,
FY 2014-2015(AY 2015-16)
My F&O gross profit was -8500rs
Future turnover was -12300rs
Bank FD=8lacs So, Interest I received is Rs 72000rs.
=Income Below 2 Lacs
Nikhil Sir,Few Queries here, please do reply in your free time-
1) For Bank FD I provided 15G form. Is it a good practice of providing 15G as I am doing F&O trading(not regular though)?
2) I don’t have any other income source,Do I need to file a return as the income is below 2 Lacs?
3) Will IT dept trouble me in future if I make a very good money from trading next year and they will ask for AY 2013-2014 return,AY 2014-15 return, AY 2015-2016 return?