Pan card holder - liability
Querist :
Anonymous
(Querist) 04 September 2011
This query is : Resolved
I am having a PAN card. I have filed tax returns for few years, while i was in job. After that I am on my own business. But not filling any tax returns, because I don’t have taxable income. Should I file a nil return, whether I will be penalised for not filing any return?
prabhakar singh
(Expert) 04 September 2011
unless income is taxable no return is needed
but are you strictly adhering to the acceptable norms of accounting with regard to turnover etc.,such as CA audit???
Better engage a CA.
Raj Kumar Makkad
(Expert) 04 September 2011
It is totally optional for you to file return if your taxable limit is below limit but if you file then you are ultimately benefited in many ways.
A V Vishal
(Expert) 04 September 2011
If the gross income(before any eligible deductions or exemptions crosses the threshold limit) prescribed under the act then it becomes mandatory for you to file the return of income.
Devajyoti Barman
(Expert) 04 September 2011
If your income does attract income tax then filing return is optional only.
Querist :
Anonymous
(Querist) 04 September 2011
Some of my friends advised me that I have file a nil return, even if I dont have a taxable income, other wise the IT may initiate prosecution.
That made me to approach the experts.
A V Vishal
(Expert) 04 September 2011
Note that filing returns is good for you.
A V Vishal
(Expert) 05 September 2011
Nil returns have two meanings firstly if the gross total income before any deductions or exemptions is below the threshold limit it is called a nil return and filing of return is optional secondly in case as discussed by me earlier if the gross income is above the threshold limit but fall below after giving the eligible deductions/exemptions in such case filing of return is mandatory.
A V Vishal
(Expert) 05 September 2011
Further since you have only business income it is advisable to file your returns.
A V Vishal
(Expert) 05 September 2011
What business are you into and what is the turnover?
Guest
(Expert) 05 September 2011
It will be advantageous to file nil return, if no taxable income, as that can hep you as tax clearance certificate at the time of need for any financial transaction in future, like in purchase of property, etc.
girish shringi
(Expert) 05 September 2011
I do agree with Mr.Dhingra.
What else expert can advice you.
NIL MEIN KUCHH NAHI BHARNA HAI PAR BANK JAROOR DEKHEGI,
KYA?
DO SAAL KE RETURN.
