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Please help

ITR 556 views 6 replies

S R P .

420 Points Joined July 2013

My friend is filing it returns from last 5 years. He lost job last year and he is no income during A.Y. 14-15. Should he file NIL return or not required to file itr for AY 14-15 Kindly advise.

Replies (6)

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

if income is nil... then no need to file return.

Santhosh Poojary

SIEMPRE AHÍ PARA TI

15607 Points Joined December 2008

Any year you have minimal or Nil income, you may be able to skip filing your tax return and the related paperwork...

However, it's perfectly legal to file a tax return showing zero income...this might be good practice for number of reasons...

If you have no income, however, you aren't obligated to file ...!

Ajay

CA Job

512 Points Joined March 2007

Dear Sir

If your friend's Gross Total Income (that is, income before giving effect to Chapter VI-A Deductions) is below taxable limits, he is not required to file return. However, considering the facts that,

-it is easy to file return, more so in case of nil returns,

-banks demand your ITR in case of loan applications,

-even credit card companies demand ITRs on applying to them for cards,

it is better to file a Nil Return.

Regards
Ajay