Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 14 July 2014
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 14 July 2014
Any year you have minimal or Nil income, you may be able to skip filing your tax return and the related paperwork...
However, it's perfectly legal to file a tax return showing zero income...this might be good practice for number of reasons...
If you have no income, however, you aren't obligated to file ...!
Ajay
(CA Job)
(512 Points)
Replied 15 July 2014
Dear Sir
If your friend's Gross Total Income (that is, income before giving effect to Chapter VI-A Deductions) is below taxable limits, he is not required to file return. However, considering the facts that,
-it is easy to file return, more so in case of nil returns,
-banks demand your ITR in case of loan applications,
-even credit card companies demand ITRs on applying to them for cards,
it is better to file a Nil Return.
Regards
Ajay
ashok
(assistant)
(28 Points)
Replied 15 July 2014
nisha
(article)
(67 Points)
Replied 15 July 2014
CAclubindia
