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Tax during unemployment or jobless

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Nitin Srivastava

xxxxx

24 Points Posted on 05 December 2013

I am am private sector professional hoding ITR recepit & Form 16 during my job tenure. But unfortunately I am unemplyed since last two years and I didn't earn any single penny from any resource(e.g. business, Free Lancing etc) I am totally dependent on my parents who take care of my food/clothes etc. They transfer some ammount in my bank Accounts sometime for my needs.

In such condition(which is fairly misreable) do i need to take care of ITR & Form 16. I didn't e-file for 2013 and also don't have for Form16 for 2012 & 2013. Is this any illegal activity as per Tax Law of India?

What if I would get some job in future and have to submit Form16 and details of past periods. Please guide me or provide some online source source.

Regards

Replies (2)

Mihir

Wealth Manager

5293 Points Posted on 05 December 2013

Form 16 is required only when one is earning a salary. In your case, you might be earning some interest from saving bank account. You may still file your ITR showing this interest, just to continue the practice of filing ITR regularly.

The employement condition is bad in the market, and one will have to dig deeper within oneself to use one's own talent/skills to make a living. Hope the situation improves next year.