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 ?
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Itr filing requirement
Replies (3)
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.
Also you cannot claim refund for any TDS if so unless you submit ITR.
Thanks,
If your gross income as computed under income tax is less than basic tax exemption limit, then do not file. But we as professionals look for client benefit and thus advise timely accounting , book keeping and filing of returns. It helps for loan purpose, visa purpose, calculation of proper profits , tax planning.
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