I was talking to this guy yesterday, he don't want to file ITR but an institute he attended a while back says he has to file ITR not because it's beneficial because it's mandatory. My assumption is that if the income is less than 2.5 lakhs, we don't have to (leave the other factors like depositing over 1cr in the previous financial year and all) file ITR. I mean it's not compulsary/mandatory. He asked if he has to as the due date is just around the corner. I said no, but I wonder why they asked him to file. So I googled, now I am confused.
He traded in FNO, cash segment both intraday and delivery. There is no other income source. And turnover is about 10 lakhs.
FNO is in loss.
Intraday cash segment is in loss.
Delivery cash segment is in profit though not much, couple of thousands profit.
He has to (compulsory) file ITR?