my only income is from buying/selling shares. and i only earn around 1-1.5 lakh per financial year. i have been in market since last 3 years and i haven't paid income tax even once. i also never submitted ITR.
all these times i was thinking that as i earn less than 2.5 lakhs, so i dont have to pay any tax. more over my broker always cuts STT and service tax on each purchase and sell. so i thought that tax was already been deducted.
now one of my friend told that i would be penalized for not paying tax. :argue:
experienced members please help me out of this. suggest me what to do.
thanks in advance.:thanx:
also suggest me what do to in future so that i don't get into such situation again. please help...:thanx::thanx:
also tell me if filling ITR is a good thing, even if you don't come under tax slab.
all these times i was thinking that as i earn less than 2.5 lakhs, so i dont have to pay any tax. more over my broker always cuts STT and service tax on each purchase and sell. so i thought that tax was already been deducted.
now one of my friend told that i would be penalized for not paying tax. :argue:
experienced members please help me out of this. suggest me what to do.
thanks in advance.:thanx:
also suggest me what do to in future so that i don't get into such situation again. please help...:thanx::thanx:
also tell me if filling ITR is a good thing, even if you don't come under tax slab.
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