I am a Sr citizen, 68 yrs. My taxable income for AY 2024-25 would be less than Rs 7 lakh. as I'll be switching over to New Scheme from AY 2024-25 onwards. Also no TDS would be deducted as I have already submitted Form 15H. For FYI, I have been filing Online return since last so many years and I have getting full refund of TDS since last 4/5 years. So please advise do I need to file IT return for AY 2024 -25 and onwards ?? Thanks

Ans: Non resident is liable to file ITR in India if income is more than exemption limit.

Further, an individual has to file his ITR irrespective of their income level, for cases like :

- If an individual has deposited more than Rs 1 crore or Rs 50 lakh in one or more current and savings bank accounts, respectively.
- If an individual has incurred an expenditure exceeding Rs 2 lakh for himself or any other person for foreign travel.
- Has incurred an expenditure exceeding Rs 1 lakh toward electricity payment in a year.
- Is a beneficial owner or beneficiary of any asset outside India.
- Is a signatory to a foreign bank account.

Ans: Congratulations on your retirement from the public sector bank! It's a significant milestone worth celebrating. Now, let's address your query regarding income tax filing for the Assessment Year 2024-25.

Given your income from intraday trading and delivery of shares during FY 2023-24, you should file your Income Tax Return using Form ITR-3. This form is specifically designed for individuals and Hindu Undivided Families (HUFs) with income from business or profession.

As a Certified Financial Planner, I understand the importance of minimizing income tax legally. Here are some methods you can consider:

Claiming Deductions: Explore available deductions under Section 80C to 80U, such as investments in Public Provident Fund (PPF), Equity Linked Savings Schemes (ELSS), and health insurance premiums, to reduce your taxable income.

Set Off and Carry Forward Losses: If you incurred losses from intraday trading or delivery of shares, you can set them off against your other income. Additionally, any unadjusted losses can be carried forward to future years.

Avail Tax Exemptions: Certain incomes, like dividends from domestic companies up to 10 lakh Rs, are tax-exempt. Utilize such exemptions effectively to reduce your tax liability.

Maintain Proper Records: Keep detailed records of your intraday trading and share transactions, including purchase and sale invoices, contract notes, and bank statements, to accurately calculate your taxable income and claim deductions.

Consult a Tax Professional: Given the complexities of income tax laws, consulting a tax professional, especially one with expertise in securities trading, can help you navigate the process efficiently and identify additional tax-saving opportunities.

By implementing these strategies and staying compliant with income tax regulations, you can effectively minimize your tax liability while fulfilling your filing obligations.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: If you have income above 7 lacs, you will not be eligible for tax rebate and slab rate will apply