Filing an Income Tax Return is mandatory for individuals and Hindu Undivided Families (HUF) if their income before allowing capital gain exemption and deductions under Chapter VI-A exceeds the maximum exemption limit i.e. 250000/300000/500000. Since you have incurred a loss during the year, you are not required to submit an ITR under normal circumstances.

Every person eligible to pay Income Tax. The income tax filing procedure, as well as the documents required for tax filing, varies depending on the income earned per year as well the income source such as business profit, salary, interest income, investment profit, etc.

Form 10IE has to be filed before filing your Income Tax Return.

Yes, it is mandatory to file Form 10IE if you want to opt for new tax regime and have Income under the Head “Profits and Gains of Business and Profession.”

Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year.

Agricultural income is not taxable. However, if you have non-agricultural income too, then while calculating tax on non-agricultural income, your agricultural income will be taken into account for rate purposes.

All the books of account and related documents should be kept at the principal place of business, i.e., where the business or profession is generally carried on.

These documents should be preserved for a minimum of six years from the end of relevant Assessment year, i.e., for a total of 7 financial years from the end of the relevant year

However, when the assessment has been reopened, all books of account and other documents which were kept and maintained at the time of reopening of assessment should continue to be so kept and maintained till the assessment so reopened has been completed.