Income tax returns

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This query is : Resolved

Dasharath Appa Pujari (Querist)

27 December 2007 Dear Sir,

You know that the banks are demanding the returns for last three years at the time of applying for loan.

If the applicant doesn't have any taxable income, can he file the return in such case to fulfill this requirenment?

CA B.S.Sridhar

CA B.S.Sridhar (Expert)

27 December 2007 There is no bar in filing the NIL returns. But the problem is , as a general practice , the banks (particularly for loans) do not accept returns filed on the same day (or) within a span of 3 months together for granting loans. Hence it is better to check the same with the bank itself.

- Sridhar

R.V.RAO

R.V.RAO (Expert)

27 December 2007 THE IT ACT STIPULATES FILING A RETURN OF INCOME WHEN THE TAXABLE INCOME EXCEEDS THE EXEMPTION LIMIT.
BUT AN ASSESSEE IS AT LIBERTY TO FILE A NIL RETURN. I REMEMBER SOME OF THE QUERIES RAISED IN THIS FORUM STATED THAT IT DEPT. REFUSES TO ACCEPT NIL RETURNS. IN SUCH CASE THE SAME MAY BE FILED IN POST OFFICE OR BY MEETING THE ASSESSING OFFICER OR MAY BE SENT BY POST ALSO ( BUT FOR THE ACK. WHICH MAY NOT COME IF SENT BY POST ) .
I REMEMBER LENDING BANKS ASKING FOR A GUARANTOR AS COLLATERAL SECURITY IN THE ABSENCE OF IT RETURNS FILED.
WHEN A LENDING BANK IS OTHERWISE SATISFIED ABOUT REPAYMENT CAPACITY OF A BORROWER, CERTAINLY, THEY ADISE HOW TO GET AROUND THE PROBLEM OF IT RETURNS NOT AVAILABLE.
R.V.RAO

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