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Nil return

kevin (articleship) (111 Points)

05 March 2013

Is tht beneficial to fill nil return???..

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(Guest)

Filing returns whether nil or otherwise is benefical at the time of applying loan.

CA.D.RAGAVAN (CHARTERED ACCOUNTANTS) (219 Points)
Replied 06 March 2013

A Return Filing Process is a Verification by the Assessee about the Financial Transactions undertaken for a Particular year. Later, any Query by the Taxation Authorities about the Capital Invesment etc, the assess will be vidicated if his Return of Income Whether taxable or Nil have been filed. Otherwise, the Assessing Officer will take a Stand that the entire Capital Invested has been earned in a Particular Year and Tax It.