'Zero Income'

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Devendra (Querist)
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15 January 2011 Mr. X is having no income. But he still wants to file an Income Tax Return. What can he do to file an Income Tax Return?
What source of Income can be shown in the return?
Please suggest me.

Regards,
Devendra Kulkarni

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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15 January 2011 File ITR Form 2 showing all the income related columns as NIL.

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Source of income can be shown either as Income from other sources or income from business or profession if it is likely to start.

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It is assumed that you have no salary or house property income.

Devendra

Devendra (Querist)
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15 January 2011 Can I file a Nil Income Tax Return?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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15 January 2011 If you are not having any income you can file NIL Income Return. But it is not advisable at all for the new assessees.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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15 January 2011 Parasbhai,

Kyo hum CA ki Income Par Laat Maar Rahe Ho.

Wo Return Bharna Chahta hai, u-se bharne do.

Har-ek ko apni ich-chha poori karne me jo santosh milta hai wo ad-bhut hota hai.

( Already suggested to file ITV 2.

Agreed with Shri Paras Bafna, if not required don't file the return.

But if you have self occupied property; then you have to compulsorily file the return.

There are more such compulsion to file return. I assume that due to this; this query is raised).

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