Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: empanelment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARD :: TDS :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARDS :: VAT Audit :: Central Excise rule to resale the machines to a new company
News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

What Is Nil Income Tax Return? Here Is Why You Should File It
May, 16th 2016

Did you know that you can file a tax return even if your income for the year is below the taxable limit? If your taxable income is less than the threshold limit of Rs 2.5 lakh in a year, you are not mandated to file income tax return. But if you want to, you can file a nil return.

But you may wonder why get into the hassle of filing a tax return when you don't have to pay any taxes. There are certain benefits of filing tax returns that you may not be aware of.

1) To carry forward losses

The only condition to carry forward losses is that you have to file tax return on time. If you file your income-tax return after due date which is generally July 31 of the year, you will not be allowed to set off your capital losses against capital gains in a belated return.

For example, you have incurred a loss suppose on sale of equity shares. To carry forward these losses for future adjustment with capital gains you must file tax returns.

2) To claim TDS refund

If your bank has deducted tax deducted at source (TDS) on your interest income over Rs 10,000, despite the fact that your income is below the taxable limit, you can claim a refund only if you have filed a tax return. Also, in case your rental income is more than Rs 1.8 lakh in a year, your tenant is liable to deduct TDS. You will have to file a tax return for refund of TDS.

3) To show proof of your income

If you are applying for any kind of loan, most lenders ask for your income tax return of the past few years as a proof of income. Even if you are applying for a visa, foreign countries often ask for your income-tax return to know your financial position before issuing visa.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions