If I am doing a business having a turnover of over Rs. 40 lacs but still do not have taxable income (as I incur losses) in any tax year, do I still have to file my tax returns for that year ?
CA Devanand Jethanandani
(CA)
(8003 Points)
Replied 26 November 2014
It is advisable to file return, without filing return on or before due date you can not take the advantage of carry forward and set off your business loss.
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 26 November 2014
Also you cannot claim refund for any TDS if so unless you submit ITR.
Thanks,
CA Raj Doshi
(Practising CA)
(8740 Points)
Replied 27 November 2014
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