Nil income- incometax return
This query is : Resolved
02 March 2014
Dear all,
We have a client who has zero income for the year 12-13 (A.y 13-14) but he wishes to file an I.tax return because he has to take an education loan for his son from the bank & the bank is asking for income tax returns of 3 years. What should we do? How to file such an income tax return.
Please look into the query and help
Thank you.
Shruti
02 March 2014
you can file nil tax return showing income less than basic exemption limit. since you're client is going for edu loan, you cannot show zero income otherwise loan would not be sanctioned.
03 March 2014
and for all practicle reasons banks consider returns filed with a time gaps of 6-8 months.
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