Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

Itr filing requirement

Sudesh (CFA) (40 Points)

26 November 2014

If I am doing a business having a turnover of over Rs. 40 lacs but still do not have taxable income (as I incur losses) in any tax year, do I still have to file my tax returns for that year ?

Reply
Follow
Share

3 Replies

CA Devanand Jethanandani (CA) (8008 Points)
Replied 26 November 2014

It is advisable to file return, without filing return on or before due date you can not take the advantage of carry forward and set off your business loss.

Upgrade to CAclubindia Pro. Subscribe Now!

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3469 Points)
Replied 26 November 2014

Also you cannot claim refund for any TDS if so unless you submit ITR.

Thanks,

CA Raj Doshi (Practising CA) (8939 Points)
Replied 27 November 2014

If your gross income as computed under income tax is less than basic tax exemption limit, then do not file. But we as professionals look for client benefit and thus advise timely accounting , book keeping and filing of returns. It helps for loan purpose, visa purpose, calculation of proper profits , tax planning.