Good afternoon, everyone.
The thing is I joined a Basic Accounts/GST/Income Tax Course online. While I was studying Income Tax, I was given a project, to make every family members and friends PAN Card, and try to file their NIL returns, for practice.
I thought OK, let's try this on myself first.
As I already have a PAN, I just need to do the 'file' part.
I have never did something like this, but he told me it doesn't take much time, so just do it for practice sake. There are lots of videos on YouTube, just follow any one of them.
I do not work, so I never filed one.
Now I have some doubts:
1) Do I have to file NIL returns for every past year for which I didn't file or have to file just one first time? (The AY 22-23 dates are expired)
2)If I forgot to, due to unforeseen circumstances or did not choose to report that because I don't earn, in the particular year (filing of NIL Return), something bad may happen?
3) When I tried to File at Income Tax website, there was a section of filing type, which consist of three options, Modified Return, After condonation of delay, and Updated Return.
I know nothing of them, so I shut close the website 😂
Kuch galat option Kiya toh IT waale bawaal na karde...
I checked 26AS, AIS after logging-in in IT website, and they show nothing, no amount, for the AY 22-23 and other 5-6 past years.
As far as I researched, Modified is for those who already reported and needs to correct something; Updated is for those who pay to the Govt. & They won't accept the 'Updated Return' report if you don't pay them.
Now, the condonation is left; It's for those .... who missed their submission date?(not have enough information), but have to apply for it (which I know nothing of clearly) first before the return procedure.
Then I opened the condonation section, just to see how it looks, It showed another term, ITR-V. (What The H is this now?!, Do I need to read Income Tax Act, GST Act and every acts regulations related to understand such complexities?😂)
For AY 22-23, the date was 31st July 2022 for Individual.
So I think I should report in the next upcoming AY (23-24).
The question still remains, do I need to file 7-8 NIL returns at once?
And later If I don't choose to report it because I didn't earn anything(NIL return) or forgot to do it, something bad will happen?
I thought Accounts course may give me enough knowledge for a chance to work part time, but it gave me another tension!😅
Thanks for reading this far.
CAclubindia
