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Should i file Nil return?

param (Sub Broker) (46 Points)

14 September 2016

i started my busines in 2012 and from Aug 2012 to april 2013 my businesa income was equal to zero and but after that from may 2013 to 2016 my income was good so my query is...should i file itr for aug 2012 to april 2013 ?? if yes then how bcuz incom is zero..only expense happen this period of time...plz help me respected members

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15 Replies

VINOTH (Student) (27 Points)
Replied 14 September 2016

Yes, you should defnetly file the NIL Return....

param (Sub Broker) (46 Points)
Replied 14 September 2016

hey Vinoth thanks a lot for rply..but now question raise is how ...how to fill nill return can u elobrate me friend ? ?

jaya krishna (Chartered Accountant) (262 Points)
Replied 14 September 2016

You can file return under section 119(2)(b).

Write letter to commissioner of income Tax for filling return under section 119(2)(b)

VINOTH (Student) (27 Points)
Replied 14 September 2016

Filing income tax returns is mandatory for those whose total income is more than Rs.2,50,000. We recommend that you file your income tax return

VINOTH (Student) (27 Points)
Replied 14 September 2016

For AY 2012-13, you must compute the tax and give a written submission to the Assessing Officer in your ward.Or consult with any Chartered Accountant in your area....

param (Sub Broker) (46 Points)
Replied 14 September 2016

okay thanks vinoth nd

param (Sub Broker) (46 Points)
Replied 14 September 2016

nd jaya krishna thanks

ravi singh (article) (27 Points)
Replied 14 September 2016

File ITR 4s and in that u can show ur income below taxable limit and if any loss occurred during that period u can reflect it by showing ur expenses and ur loss will be automatically calculated.

prashanth (Article assistant) (60 Points)
Replied 14 September 2016

If you are running business on as a proprietor then no need to file the ITR for 2012-2013(A.Y 2013-14) no need to file because your income is below the exemption limit.

prashanth (Article assistant) (60 Points)
Replied 14 September 2016

If you are running business on as a proprietor then no need to file the ITR for 2012-2013(A.Y 2013-14) no need to file because your income is below the exemption limit.

param (Sub Broker) (46 Points)
Replied 14 September 2016

yes prashanth i am subbroker running own business...nd ITR 4 for my category...so its means i dont hav to file for 2012-2013 ...but can file itr 4 for 2013 to 2016

prashanth (Article assistant) (60 Points)
Replied 14 September 2016

Up to 2 years you can file in electronic manner(income tax efiling) for remaining because you are not offered and filed earlier so the assessing officer will not accept ealier year returns due to now Income Declaration Scheme is there so you need to pay45% tax for prior to 2 years.

param (Sub Broker) (46 Points)
Replied 14 September 2016

ok thankyou so much

CA.Govind Singh (Chartered Accountant) (750 Points)
Replied 15 September 2016

Dear Pranam,

You should Avoid filing Return For F.Y-12-13(A.Y13-14) and F.Y-13-14(A.y14-15) in my opinion.Further you can't File E return for these years and you dont have income in those years, so avoid these.

You Should Definitely file return for F.y-14-15 and F.y-15-16.

If Later on by chance you get any Notice from department( Possibility of which is very minimal), then you can contact your CA , he will take care of things.