Hello everyone,
I am a qualified professional but have not earned even a single penny in last year. Do I still have to file my return?
Saraswati
6 Replies
Varun.T.K
(CA Final, CS Executive)
(365 Points)
Replied 05 June 2010
No need to file a return, for an individual assessee, if his GTI(Gross Total Income) is less than basic exemption limit.
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 05 June 2010
I think you should file the return.
As because nil returns are aslo helpful in some matters.
e.g Loan and Borrowings from Banks.
They require last 3 years IT returns.
So its better for you to file the return within the time limit.
Venkateswara Rao Sapare
(Accountant)
(1500 Points)
Replied 06 June 2010
Your question is "have not earned even a single penny in last year. Do I still have to file my return?.
It is a good doubt.
First, answer to your question is :- You need to file "Nil Returns".
Next, note following a few points the Mr.P.Chidambaram, in 1997-98, with the 1X4 scheme, made tax filing mandatory for a person (1) Person possessing house, (2) Motor vehicle, (3) Telephone and (4) Travelling abroad. In 1998-99, Mr Yashwant Sinha added two more and term it 1x6 scheme. Here we should recollect that 'SARAL FORMS' were introduced. One more thing is that in 2005-06, it was made mandatory to file annual information report, if high value transactions were concluded in an assessment year.
Now, you assess yourself where do you get attract in above net. 'Not earning any thing' itself should not be the criteria.
Venkateswara Rao Sapare
(Accountant)
(1500 Points)
Replied 06 June 2010
Your question is "have not earned even a single penny in last year. Do I still have to file my return?.
It is a good doubt.
First, answer to your question is :- You need to file "Nil Returns".
Next, note following a few points the Mr.P.Chidambaram, in 1997-98, with the 1X4 scheme, made tax filing mandatory for a person (1) Person possessing house, (2) Motor vehicle, (3) Telephone and (4) Travelling abroad. In 1998-99, Mr Yashwant Sinha added two more and term it 1x6 scheme. Here we should recollect that 'SARAL FORMS' were introduced. One more thing is that in 2005-06, it was made mandatory to file annual information report, if high value transactions were concluded in an assessment year.
Now, you assess yourself where do you get attract in above net. 'Not earning any thing' itself should not be the criteria.
CA Shiv
(Business Controller)
(2987 Points)
Replied 07 June 2010
Yes you have to file return as you were doing it before... its compulsory and also u will have benefir as mentioned above by our friends
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