Regarding declaring of shares in ITR
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I have bought few shares worth 1 lakh rupees in the previous financial year. But I haven’t sold anything nor received any dividends.
So literally there is no income or loss from stock market.
Do i need to declare this in ITR?
My auditor is saying i need not declare if there is no income or loss from the stocks. Since i have just accumulated these, i can just file my salary returns.
Is this true?
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What is the last date to file the itr for 2023-24
31-July. After that you can still do with some penalty
Yes. Only on redemption, you need to declare your sale and declare profit or loss.
only when made some profit or incurred any loss on selling them or when you earn some dividend or any other benefit, it will be necessary to declare in ITR to pay or get some tax benefit. In other situations no business with IT department.
where would you do it?
It would not come under 'wealth' or inheritance if it is investments. I mean if you were royalty or otherwise got inheritance or gift of a diamond set or other things.. then yes 'a declaration' of wealth or inheritance will happen.
If you are earning the funds yourselves and deploying them in some asser classes where there are tax breaks, deductions allowed then yes.. one 'declafes' it. Like government or semi government infrastructure bonds or charity or ELSS.
Otherwise if you make a term deposit (fixed deposit) in a scheduled commercial bank or invest in usual shares, usual mutual funds.. then there really is no provision of 'declaring' it at the time of investing... (in so farvas I know).
Yes, your auditor is correct.