Income tax is collected from individuals as well as organizations- the only It is mandatory for all earning Indian citizens to file ITR annually, provided they fall into You give the description of your income and file nil returns to avoid any legal  20 Dec 2018 What is Income Tax Return (ITR) and who should file it? As a responsible citizen of India, everyone who has an income should file an ITR, because in this way is below the taxable limit or its zero (in which case it's called NIL return). It might happen that a person is earning some small income over the 

The user can file the Income Tax Return (ITR) in two ways: 1. Offline: Download the applicable ITR, fill the form offline, save the generated XML file and then upload it. Income Tax Return is a form through which you report the details of your income from various sources and tax paid there onto the Income Tax Department. The Income Tax Act 1961, obligates certain eligible persons to file their income tax return. Filing of Income Tax Return legitimize your earnings. 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. All the companies which are registered in India should file the income tax return every year in Form ITR-6, regardless of the business activity or profits or revenue. Hence, Nil return filing is compulsory for all the inactive companies and dormant companies. If a company is being wound-up, To file ITR electronically, one must be registered on the e-filing website of the income tax department. Also Read: How to regsiter on e-filing website of income tax department Once you have registered yourself on the e-filing website, here is a step-by-step guide on how to e-file your ITR. The only reason they are are called nil return or refund return is because of specifically indicating the quantum of taxes in each of this return In Nil return , since total income falls below 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.

The deadline to file income tax return (ITR) for the financial year 2018-19 has been extended to August 31. Although you have more time, filing your return before the deadline comes with certain benefits such as carry forward of losses, you will also avoid paying late filing fees.

The e-filing of income tax returns in India was introduced in September 2004. It was initially introduced on a voluntary usage basis for all categories of income tax assesses. Since 2013, it has become compulsory for individuals with than 10 Lakhs of income to file their income tax returns online. The advent of online income tax return filing websites and the income tax department’s constant upgradation of its e-filing portal (www. incometaxindiaefiling.gov.in) have made the income tax return filing process relatively easier in recent years, but for many individual salaried taxpayers and pensioners, it remains a dreaded activity which they put off until the last minute —even beyond Advantages of Filing Income Tax Return Online. The process of filing of Income Tax Returns used to be tiring as well as difficult but with the introduction of ITR e-filing, the burden has lessened. The online method for the filing of income tax returns helps an individual in the following ways: The deadline to file income tax return (ITR) for the financial year 2018-19 has been extended to August 31. Although you have more time, filing your return before the deadline comes with certain benefits such as carry forward of losses, you will also avoid paying late filing fees.

The advent of online income tax return filing websites and the income tax department’s constant upgradation of its e-filing portal (www. incometaxindiaefiling.gov.in) have made the income tax return filing process relatively easier in recent years, but for many individual salaried taxpayers and pensioners, it remains a dreaded activity which they put off until the last minute —even beyond

9 Aug 2019 Nil tax return is filed to declare to the Income Tax Department that you fall below the taxable income and therefore did not pay taxes during the 

23 Jul 2019 ITR Filing for Business: Here's a guide on how to file ITR, income tax rates and the in India, whether small or big have to file Income Tax returns every year. The tax return for companies is more complicated than individual taxpayers. If there was no business activity, then a NIL income tax return must be 

9 Aug 2019 Nil tax return is filed to declare to the Income Tax Department that you fall below the taxable income and therefore did not pay taxes during the  31 Aug 2018 The tax rules as well as the ITR form have undergone some changes this time. “Earlier, an individual with taxable income up to Rs 5 lakh was from Rs 5,000 to Rs 2,500,” says Alok Agarwal, Senior Director, Deloitte India. 30 Aug 2019 ITR Filing: The self-assessment of income is intimated to the income tax Only those individuals with income below the exemption limit are not to reduce his taxable income but ends up paying Nil tax, filing of ITR Yes Bank Share Price · Reliance Industries Share Price · State Bank of India Share Price 

27 Dec 2019 Mandatory Filing of Income Tax Return (ITR):. In any of the following situations ( as per the Income Tax Act), it is mandatory for you to file an Income Tax Return in India. Return filing is mandatory if you are a Resident individual and have even if they have NIL income or income of less than Rs 2.5 lakhs, 

The only reason they are are called nil return or refund return is because of specifically indicating the quantum of taxes in each of this return In Nil return , since total income falls below 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.

Filing income tax returns is mandatory for those whose total income is more than Rs.2,50,000. We recommend that you file your income tax return, even though it is not mandatory if total income isn’t over Rs.2,50,000. How do I fill up a nil return online? Filing a nil return is no different from filing a regular income tax return. 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 The e-filing of income tax returns in India was introduced in September 2004. It was initially introduced on a voluntary usage basis for all categories of income tax assesses. Since 2013, it has become compulsory for individuals with than 10 Lakhs of income to file their income tax returns online. The advent of online income tax return filing websites and the income tax department’s constant upgradation of its e-filing portal (www. incometaxindiaefiling.gov.in) have made the income tax return filing process relatively easier in recent years, but for many individual salaried taxpayers and pensioners, it remains a dreaded activity which they put off until the last minute —even beyond Advantages of Filing Income Tax Return Online. The process of filing of Income Tax Returns used to be tiring as well as difficult but with the introduction of ITR e-filing, the burden has lessened. The online method for the filing of income tax returns helps an individual in the following ways: