pl iam doing online trading with Us based And Uk Based they are accepting debit cards&credit cards (only liberal transactions are accepting indian banks and visa cards also i know and iam doing this online income work))and profits also sending via bank wire(swift) and my dout is my bank form 26as are shoing A,B,C,D all are ***notransactions at present *** there fore iam not filed income tax and my transactions also yearly debit 8,00,000 (16000$)and credit also 6,50,000(13000$) and some other tarnsactions also i maked those are 2,00000(twolakhs)
and my dout is i am not profit and and some loss Now' but I Must File income tax are no' any 'suggetion if not filled any future problems are no' i am doing via bank (business)online trading
Individual Questions Income Tax Filing Necessity for Online Trading with No 26AS Records Despite Losses An individual engaged in online trading with US and UK-based platforms is concerned about their income tax obligations. They use debit and credit cards for transactions, with profits sent via bank wire. Their bank form 26AS shows no transactions, and they have not filed income tax returns. Their annual transactions include debits of 8,00,000 INR and credits of 6,50,000 INR, with additional transactions totaling 2,00,000 INR. The individual seeks advice on whether they must file income tax returns despite experiencing losses and is worried about potential future issues if they do not file. A response from a tax advisor indicates difficulty in understanding the query. (AI Summary)
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