Quick Answer: Is It Compulsory To File Nil Return?

Can I file taxes if I have no income?

Individuals who fall below the minimum may still have to file a tax return under certain circumstances; for instance, if you had $400 in self-employment earnings, you’ll have to file and pay self-employment tax.

If you have no income, however, you aren’t obligated to file..

Is it mandatory to file GST return every month?

Every registered person paying GST is required to furnish an electronic return every calendar month. … Such a document needs to be filed with the tax authorities in order to pay tax to the government.

What happens if Gstr 1 is not filed?

As per the GST law, a late fee for not filing GSTR-1 is Rs. … The late fee will be charged from the date after the due date. However, as per the latest notifications, the late fees have been reduced to Rs. 50 per day and Rs 20 per day (for nil return).

Is it mandatory to file nil ITR?

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.

When should I file nil return?

As mentioned above, you file NIL tax returns if your income in the financial year falls in the 0% income tax slab. By filing NIL returns, you declare to the IT department that your income for the year is below the minimum income tax level, and you are not liable to pay any income tax for the year.

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 happens if I dont file ITR?

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.

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.

Can we file Gstr 3b without filing Gstr 1?

yes you can file GSTR-1 before filing GSTR-3b but both are mandatory.

What happens if you don’t declare income?

If HM Revenue and Customs finds out that you have not declared income on which tax is due, you may be charged interest and penalties on top of any tax bill, and in more serious cases there is even a risk of prosecution and imprisonment. Please note that this guide applies to individuals.

Is it mandatory to file ITR every year?

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 file a gtr1 nil return?

All regular taxpayers having GST registration are required to file nil GSTR1 return even if there was no business activity during a month….Procedure for Filing NIL GSTR1 ReturnStep 1: Login to your GST Account. … Step 2: Begin preparing GSTR1 Return. … Step 3: Verify auto-populated GSTR1 return. … Step 4: Submit GSTR1 Return.More items…

Are you filing return of income under seventh?

2) Act, 2019 has inserted a new seventh proviso to section 139(1) of the Income Tax Act, 1961 (‘the IT Act’) w.e.f. 01-04-2020 to provide for mandatory filing of ITR for those people who have certain high-value transactions even though that person is otherwise not required to file a return of income due to the fact …

How do I file my GST nil return without late fee?

The late fee would be Rs.75 under CGST and Rs.75 under SGST. If the above return was a return with ‘Nil’ tax liability then late fees would be Rs. 60 (20 per day 3 days)….Amount of Late fees applicable.For Nil Return filersName of the ActLate fees for every day of delaySGST ActRs 10*IGST ActRs 20*1 more row•Jan 4, 2021