Query about income tax on mutual fund transactions.
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I have downloaded my AIS from income tax portal.
It says sale of units of mutual fund and purchase of unit of mutual fund both around 11 lacs.
These are mainly 1Lac rupees being switched between schemes of mutual funds with the conventional switch out transaction marked as sale and switch in as purchase.
My doubt is if there is no major net profit, does the high amount of sale and purchase will attract attention in income tax filing and is there any problem with high values?
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My doubt is if there is no major net profit, does the high amount of
sale and purchase will attract attention in income tax filing and is
there any problem with high values? ----- yES , but wouldnt be a problem if you file ITR showing this income and have proper calculations . If you dont know how to calculate gains, pls give it to an expert.
Silly question but have to ask.
Total income is negligible as I am still a college student and all money received in FY was either scholarships or gift by relatives(parent and grandparents). Still I should file return?
Del
Just show transactions in ITR - it's normal as Mutual funds reports transaction to IT dept
Even if you purchase 100Rs Mutual Fund it will show in ITR under SFT (specified financial transaction)
There are online websites that'll do the job for free since you're college student and won't have much income or transactions something like quicko will do job for you easily in filing ITR if you want to file
you have upload all the transactions while filing return. It will calculate the netprofit and tax accordingly.