What is Income Tax Return?
- Income tax return is the format in which the assesse furnishes information as to his total income and tax payable.
- The format for filing of returns by different assesses is notified by CBDT.
- The particulars of income earned under different heads, gross total income, deductions from gross total income, total income and tax payable by the assesee are generally required to be furnished in a return of income.
- In short, a Income tax return is the declaration of income by the assesee in the prescribed format.
What is a nil return?
A nil income tax return is filed to show the Income Tax Department that you fall below the taxable income and therefore did not pay taxes during the year.
Why should I file nil return?
- To show income tax return as proof of income. This action provides proof for the income as legal and disclosed.
- To claim a refund, it might happen that on your total income you paid more in taxes than you needed to, you must file an income tax return to claim a refund
Is It Mandatory To File Income Tax Return?
Filing income tax returns is mandatory for those whose total income before allowing the deductions under Chapter VI-A(section 80C to 80U) is more than the basic exemption limit :
- Rs 2,50,000 for individuals/HUF/AOPs/BOIs and artificial juridical persons.
- Rs 3,00,000 for resident individuals of the age of 60 years but less than 80 years.
- Rs 5,00,000 for resident individuals of the age of 80 years or more at any time during the previous year.
Due Date for Filing of Income Tax Returns for AY 2019-20
|Individuals, HUF, BOI, AOP (Income Tax Return by Assesse whose Books of Account are not required to be audited)||30th November 2020|
|Due date of filing the Income Tax Return by businesses whose Books of Account are not required to be audited||30th November 2020|
|Filing ITR Due Date for (Assessee who are required to furnish report under section 92E i.e., Transfer Pricing)||30th November 2020|
|Due date of filing the Income Tax Return by assessee whose Books of Account requires to be audited and A working partner of the firm whose accounts are required to be audited.||30th November 2020|
What are the penalties for non-filing or late filing of income tax return?
Non filing or late filing of ITR can lead to a penalty, but there are also other consequences and inconveniences attached to the delay. Please refer https://blog.taxsmile.com/interests-penalties/