Quick Answer: When Should I File Nil Return?

How can I file nil 2019/20 tax return?

How do I fill up a nil return online?Enter your income details and deductions.

Income tax is computed and you will be shown that you have no tax due.Submit your return to the Income Tax Department.

And send your ITR-V to CPC Bangalore to complete the e-filing process..

Can I file ITR for last 3 years now?

1. Filing ITR for Previous Years. According to the Finance Act 2016 amendment, you can file your belated IT Returns anytime on or before 1 year from the end of the relevant Assessment Year (AY). Example, for the AY 2016-17, the timeline to file a belated return was on or before 31 March 2018.

How do I file a nil tax return?

How to file nil income tax return online for an individual in KenyaLogin to iTax. Visit https://itax.kra.go.ke/KRA-Portal. … Select File Nil Returns. After a successful login, you will be redirected to a page with a red menu top. … Select Income tax- resident individual nil E-return.

What do you mean by return of loss?

A loss return is a communication forwarded by a taxpayer to the Income Tax department, informing that there is a loss incurred for a financial year. Typically, the purpose of filing a loss return is to enable the taxpayer to carry forward the loss to future periods. Losses are inevitable while pursuing a business.

Can you go to jail for not filing a tax return?

Primarily, the IRS will recommend jail time for people who commit the crime of tax evasion. Tax evasion is defined as any action taken to evade the assessment of federal or state taxes. … In fact, you could be jailed up to one year for each year that you fail to file a federal tax return.

What happens if you dont owe taxes and don’t file?

To Open with Good News… If you owe $0 (that’s zero dollars) in taxes or if you are owed a refund, you are not required to file your taxes. If you do file late, there is no penalty. Isn’t that great? Except, if you are owed a refund and don’t file within three years of the associated tax date, the IRS gets to keep it.

How do I file old tax returns?

How Do I File Back Tax Returns?Step 1: Gather your tax documents. To file your back tax returns, you will need the W-2s or 1099 forms you received for those tax years to report your income. … Step 2: Request missing documentation. … Step 3: Download prior year IRS tax forms. … Step 4: Prepare your back tax returns. … Step 5: Submit your forms.

How can I file my income tax return without Form 16?

How to e-File your Tax Returns without a Form-16Collect your payslips and figure out your Taxable Income.Your Tax Credit / 26-AS will help you find the exact Tax Deducted.Renting? … Claim your Deductions.Income from other sources.Pay additional tax if necessary.Finally, File your Income Tax Return.

Is it mandatory to file nil income tax return?

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 year. When you are just at the beginning of your career and your total annual income is less than Rs2. 5 lakhs per annum, filing income tax returns is not mandatory.

Can I file nil income tax return after due date?

Effective from the financial year 2017-18, a late filing fee will be applicable for filing your returns after the due date i.e. 31 August 2019 under section 234F. The maximum penalty is Rs. 10,000. If you file your ITR after the due date (31 August) but before 31 December, a penalty of Rs 5000 will be levied.

When should return of loss be filed?

Under Section 139(3), an Income Tax Return has to be filed in the following circumstances: If the loss occurs under ‘Capital Gains’ or ‘Profits and Gains of Business and Profession’, then you must file a return if the loss is to be carried forward to the next year and be offset against future income.

How many years can you carry forward losses?

Should there be any excess even beyond the carryback period, you can carry the loss forward until it is used up or for 20 years, whichever comes first. You can elect to forego the carryback period and only carry the loss forward, but you have to make an election on a timely filed tax return in the year of the loss.

What happens if you don’t file taxes for 3 years?

“The penalty for not filing a tax return or an extension by Tax Day is small. … After three years, you can no longer claim a tax refund for that year (but you may still file a tax return). However, if you owe taxes, you’ll need to file your return as soon as possible as well as owe back taxes and penalties.>

Is it mandatory to file Gstr 1 nil return?

Every taxpayer has to file GSTR-1 even if he has no business activity during the period, i.e. no sales in a month/quarter. Therefore, a dealer must file a Nil GSTR-1 in such cases. The outward supplies include all taxable as well as exempt supplies.

What will happen if it returns are not filed?

If you file your ITR after the deadline, then a late filing fee will be levied. … The fee payable will increase to Rs 10,000, if the tax return is filed between January 1 and March 31 of the relevant AY. However, if the total income of the taxpayer is less than Rs 5,00,000, the fee amount shall not exceed Rs 1,000.

Which losses Cannot be carried forward?

The following losses cannot be carried forward unless the return of income (for the year in which the loss is incurred) is submitted within the due date [of submission of return as given in section 139(1)]. loss (not being unabsorbed depreciation etc., from the activity of owning and maintaining race horses.