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7th CPC Pay Fixation on Bunching - Finmin 07-02-2019

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Expected DA Jan 2019 – 3 to 4 Percentages CSD price all product price list
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What Is Nil Income Tax Return

May 25, 2016

What Is Nil Income Tax Return? Here Is Why You Should File It

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 lakhs 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 lakhs 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.

Source: NDTV Profit

Related posts:

  1. IT Returns early to avoid the rush closer to the last date of filing – Income Tax Department
  2. New Income Tax Forms for AY 2018-19 – CBDT Notification
  3. Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax
  4. Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers
  5. Income Tax Return Filing 2018 – 19: Last Date For Linking PAN with Aadhaar
  6. Electronic Verification CODE (EVC) for electronically filed Income Tax Return Additional Modes
  7. New updated Version of Income Tax Return Statistics for Assessment Year 2012-13 released
  8. Extension of date of filing of Income Tax Return throughout India – Central Board of Direct Taxes
  9. Circulation of Fake order for extension of due date for filing of Audit report and return of Income for Assessment Year 2015-16
  10. The Central Board of Direct Taxes , Extended the due date of filing return of income for AY 2015-16 from 31st July 2015 to 31st August 2015

ALLOWANCE NEWS

Grant Of Extra Work Allowance–Extra Duty Allowance

Cabinet approves Regulariztion of certain allowances

Revision of Allowances as per 7th CPC to University, College Teachers, Finance Officers and Controller of Examinations

7th CPC OTA for Operational Staff List Preparation

Grant of Running Allowance to Ticket Checking Staff – NFIR

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