Learn to Earn, Online or Offline by Ethical Means [ Established 2011 ]
by Kashish Sindhi · 17/03/2017
How to fill a Self-Nill Return in e-filing IT-return Page? One of my friends had been filing IT return for the last 3-4 years. Now during this financial year, my friend earned “No Income”. Rather he incurred losses. Can my friend file IT Return for NIL income or is it mandatory for everybody to file IT Return even if there is no incoem.
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@Kashish_Sindhi, you have asked a good question indeed. Though filing income tax returns are 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 is below Rs.2,50,000. Suppose you are just starting out and your total income falls below the taxable limit but would like to keep a record. There are several instances where income tax serves as a proof, say when you are applying for a visa. Sometimes a person is filing IT return consecutively for 3-4 years but incurs losses during subsequent years and his income is either NIL or Negative income. In such cases, it is always advisable to file IT return so that losses can be carried forward to save taxes. As such you can file your NIL IT return