How to File ITR for Sharekhan?

A Sharekhan Trader has to file ITR based on the income they have from trading in equity, mutual funds, or derivatives. Sharekhan provides a Tax P&L Report to all its traders aggregating the trading transactions done during the financial year. Using the Tax P&L Report, the trader can determine which ITR Form to file and also determine the applicability of the Tax Audit. If you are a Sharekhan Trader and looking to file your ITR (Income Tax Return), you can also refer to the detailed process below.

Have you invested in F&O and Intraday?
Need helping to file your ITR? Don't worry, we can help you!
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Have you invested in F&O and Intraday?
Need helping to file your ITR? Don't worry, we can help you!
[Rated 4.8 stars by customers like you]

Tax P&L Statement of Sharekhan Explained

Therefore, as you can see from your image, your statement provided by the portal is not a consolidated one. Therefore, you have to download the statements for the different segments separately. Given below is the break down of the tabs mentioned from the above statement:

  • Holding Period – It is the return on an asset or portfolio over the whole period during which it was held. It is one of the simplest and most important measures of investment performance
  • Realized Gain/Loss – It refers to profit or loss on a completed trade
  • Short Term Transaction -It refers to those trading strategies in stock market or futures market in which the time duration between entry and exit is within a range of few days to few weeks
  • Long Term Transactions – Transactions involving capital assets you held more than 1 year are generally long-term
  • Speculation Transaction – It means a transaction in which a contract for the purchase or sales of any commodity including stocks and shares is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips

Which ITR Form is Applicable to Sharekhan?

To file an ITR is an annual process for Sharekhan traders. Based on the income situation, the taxpayer needs to file the prescribed ITR Form. The taxpayer should report incomes, calculate and pay taxes, claim TDS Credits and request refund for the overpayment of taxes while filing their ITR. The income tax department has also notified ITR Forms based on different income situations. To know which ITR Form is applicable to you, you can use the below calculator. 

Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore

Taxpayers having income from trading need to file ITR-2 or ITR-3 based on the nature of income from trading. In the case of Capital Gains Income, file ITR-2 and in case of Business Income, file ITR-3.

Due Date of Filing ITR for Sharekhan

Income Tax Return(ITR) filing is done after the completion of a financial year. Due dates for ITR filing are as per section 139 of the income tax act. Therefore, due dates for different category of taxpayers are as follows:

Category

Due Date

Individuals to whom audit is not applicable

31st July of the Assessment Year

Companies

30th September of the Assessment Year

Individuals to whom audit is applicable

30th September of the Assessment Year

Individuals/ HUF who are partners in a firm and firm’s accounts are subject to audit

30th September of the Assessment Year

To add, the above due dates can be extended by the IT Department via order.

Tax Audit Applicability for Sharekhan

Stock Traders trade in shares, securities, commodities and currency through online trading platforms. Additionally, income from trading in Equity Intraday, Equity F&O, Commodity Trading, and Currency Trading is considered as a Business Income. Thus, it is important to determine the applicability of Tax Audit as per the provisions of Income Tax Act.

Check Tax Audit Applicability u/s 44AB
Check Income Tax Audit applicability u/s 44AB to file Tax Audit Report Form 3CB - 3CD with your Income Tax Return.
Explore
Check Tax Audit Applicability u/s 44AB
Check Income Tax Audit applicability u/s 44AB to file Tax Audit Report Form 3CB - 3CD with your Income Tax Return.
Explore

The limit for turnover under Sec 44AB is Rs. 1 Cr. Under Budget 2020, the turnover limit under Sec 44AB has been increased from Rs. 1 Cr to Rs. 5 Cr if the following conditions are satisfied:

  1. Cash Payments do not exceed 5% of the Total Payments in the financial year
    AND
  2. Cash Receipts do not exceed 5% of the Total Receipts in the financial year

Calculation of Trading Turnover for Sharkehan

Any person having income from trading in shares and securities should report it as income from business and profession. To determine the applicability of Tax Audit as per the Income Tax Act, we should calculate Trading Turnover for such income. It is also important to note that tax liability does not depend on Turnover. The trading turnover should be calculated only when the share trading income is considered as a business income and not when it is considered as capital gains income.

Import Your Trades
File ITR Online

India’s fastest growing Tax Filing Platform

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Import Your Trades

File ITR Online

India’s fastest growing Tax Filing Platform

[Rated 4.8 stars by customers like you]

FAQs

How to download the Tax P&L Statement from the Sharekhan portal?

You can download the Tax P&L Statement from the Sharekhan portal by navigating to Scrip Summary > Equity Scrip Summary (or any other Scrip Summary) section from the dashboard.

Is Trading Turnover the same as Contract Turnover?

No. Trading Turnover is different than Contract Turnover.
Contract Turnover is the sum of the purchase value and sales value. Hence, it is not considered for income tax purposes. Trading Turnover or Business Turnover is the absolute profit; that is the sum of positive and negative differences. This turnover is considered to determine the applicability of the tax audit and the applicable ITR form.

I am a trader. Which ITR Form do I need to file for my Income Tax Return?

Taxpayers having income from trading need to file ITR-2 or ITR-3 based on the nature of income from trading. Therefore, in the case of Capital Gains Income, file ITR-2, and in the case of Business Income, file ITR-3.

How to File ITR for Upstox?

A Upstox Trader has to file ITR based on the income they have from trading in equity, mutual funds, or derivatives. Upstox provides a Tax P&L Report to all its traders aggregating the trading transactions done during the financial year. Using the Tax P&L Report, the trader can determine which ITR Form to file and also determine the applicability of the Tax Audit. If you are a Upstox Trader and looking to file your ITR (Income Tax Return), you can refer to the detailed process below.

Have you invested in F&O and Intraday?
Need helping to file your ITR? Don't worry, we can help you!
[Rated 4.8 stars by customers like you]
Have you invested in F&O and Intraday?
Need helping to file your ITR? Don't worry, we can help you!
[Rated 4.8 stars by customers like you]

Upstox Tax P&L Statement Tabs Explained

Therefore, as you can see from your image, your Tax P&L Statement contains the following columns:

  • Scrip Code/Scrip Name – It is a term used in the stock market where companies can sometimes pay dividends in the form of additional shares/stock rather than in money. It is also a written document that acknowledges the debt
  • The Buy/Sell/Balance sections contain details of the quantity, average and the amount
  • Close Rate – The exchange rate for two currencies at the end of a period of time, such as a trading day or month
  • Close Stock – Closing stock is the amount of inventory that business still has on hand at the end of a reporting period. This includes raw materials, work-in-process, and finished goods inventory. 
  • Net P/l, +P/-L – It refers to the values calculated from the realized and unrealized P&L section
  • Realized P&L – It refers to profit or loss on a completed trade
  • Unrealized P&L – It is the current profit or loss of an open position

Which ITR Form is Applicable for Upstox?

To file an ITR is an annual process, for Upstox traders. Based on the income situation, the taxpayer needs to file the prescribed ITR Form. The taxpayer should report incomes, calculate and pay taxes, claim TDS Credits and request refund for the overpayment of taxes while filing their ITR. The income tax department has notified ITR Forms based on different income situations. To know which ITR Form is applicable to you, use the below calculator. 

Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore

Taxpayers having income from trading need to file ITR-2 or ITR-3 based on the nature of income from trading. In the case of Capital Gains Income, file ITR-2 and in case of Business Income, file ITR-3.

Due Date for Filing ITR for Upstox

Income Tax Return(ITR) filing is done after the completion of a financial year. Due dates for ITR filing are as per section 139 of the income tax act. Due dates for different category of taxpayers are as follows:

Category

Due Date

Individuals to whom audit is not applicable

31st July of the Assessment Year

Companies

30th September of the Assessment Year

Individuals to whom audit is applicable

30th September of the Assessment Year

Individuals/ HUF who are partners in a firm and firm’s accounts are subject to audit

30th September of the Assessment Year

The above due dates can be extended by the IT Department via order.

Tax Audit Applicability

Stock Traders trade in shares, securities, commodities and currency through online trading platforms. Income from trading in Equity Intraday, Equity F&O, Commodity Trading and Currency Trading is considered as a Business Income. Thus, it is important to determine the applicability of Tax Audit as per the provisions of Income Tax Act.

Check Tax Audit Applicability u/s 44AB
Check Income Tax Audit applicability u/s 44AB to file Tax Audit Report Form 3CB - 3CD with your Income Tax Return.
Explore
Check Tax Audit Applicability u/s 44AB
Check Income Tax Audit applicability u/s 44AB to file Tax Audit Report Form 3CB - 3CD with your Income Tax Return.
Explore

The limit for turnover under Sec 44AB is Rs. 1 Cr. Under Budget 2020, the turnover limit under Sec 44AB has been increased from Rs. 1 Cr to Rs. 5 Cr if the following conditions are satisfied:

  1. Cash Payments do not exceed 5% of the Total Payments in the financial year
    AND
  2. Cash Receipts do not exceed 5% of the Total Receipts in the financial year

Calculation of Trading Turnover

Any person having income from trading in shares and securities should report it as income from business and profession. To determine the applicability of Tax Audit as per the Income Tax Act, we should calculate Trading Turnover for such income. It is important to note that tax liability does not depend on Turnover. The trading turnover should be calculated only when the share trading income is considered as a business income and not when it is considered as capital gains income.

Import Your Trades
File ITR Online

India’s fastest growing Tax Filing Platform

[Rated 4.8 stars by customers like you]

Import Your Trades

File ITR Online

India’s fastest growing Tax Filing Platform

[Rated 4.8 stars by customers like you]

FAQs

How to download the Tax P&L Statement from the Upstox portal?

You can download the Tax P&L Statement from the Upstox BO portal by navigating to Bill > Proft/Loss section from the dashboard. Apply the appropriate filters to download the specific statement you wish to download.

Is Trading Turnover the same as Contract Turnover?

No. Trading Turnover is different than Contract Turnover.
Contract Turnover is the sum of the purchase value and sales value. It is not considered for income tax purposes. Trading Turnover or Business Turnover is the absolute profit i.e. sum of positive and negative differences. This turnover is considered to determine the applicability of the tax audit and the applicable ITR form.

I am a trader. Which ITR Form do I need to file for my Income Tax Return?

Taxpayers having income from trading need to file ITR-2 or ITR-3 based on the nature of income from trading. In the case of Capital Gains Income, file ITR-2 and in case of Business Income, file ITR-3.

How to File ITR for Motilal Oswal?

A Motilal Oswal Trader has to file ITR based on the income they have from trading in equity, mutual funds, or derivatives. Motilal Oswal provides a Tax P&L Report to all its traders aggregating the trading transactions done during the financial year. Using the Tax P&L Report, the trader can determine which ITR Form to file and also determine the applicability of the Tax Audit. If you are a Motilal Oswal Trader and looking to file your ITR (Income Tax Return), you can refer to the detailed process below.

Have you invested in F&O and Intraday?
Need helping to file your ITR? Don't worry, we can help you!
[Rated 4.8 stars by customers like you]
Have you invested in F&O and Intraday?
Need helping to file your ITR? Don't worry, we can help you!
[Rated 4.8 stars by customers like you]

Tax P&L Statement Tabs Explained

You can view the profit and loss statements from the Motilal Oswal portal. Motilal Oswal doesn’t provide a consolidated tax profit and loss statement. Therefore, you have to toggle through their tabs as shown in the above image to view the statements from the different segments. Given below is the breakdown of the profit and loss statement tabs:

  • Average Sell Rate – The average selling price of goods or commodities is the average price at which a particular product or commodity is sold across channels or markets
  • Total Sell Value – The total amount of sales in a given period. Total sales revenue can be represented in several ways, but it is typically formulated as total number of units sold times price per unit 
  • Average Buy Rate – The average buying price of goods or commodities is the average price at which a particular product or commodity is bought across channels or markets
  • Realized Gains/Loss – Realized profit is the profit that comes from a completed trade; in other words, a trade that has been exited. Realized profit is usually already deposited into the trader’s trading account and can be withdrawn from their trading account to a bank account
  • Securities Transaction Tax (STT) – It is a tax payable in India on the value of securities (excluding commodities and currency) transacted through a recognized stock exchange

Which ITR Form is Applicable For Motilal Oswal traders?

To file an ITR is an annual process for Motilal Oswal trader. Based on the income situation, the taxpayer needs to file the prescribed ITR Form. The taxpayer should report incomes, calculate and pay taxes, claim TDS Credits and request refund for the overpayment of taxes while filing their ITR. The income tax department has notified ITR Forms based on different income situations. To know which ITR Form is applicable to you, use the below calculator. 

Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore

Taxpayers having income from trading need to file ITR-2 or ITR-3 based on the nature of income from trading. In the case of Capital Gains Income, file ITR-2 and in case of Business Income, file ITR-3.

Due Date for Filing ITR for Motilal Oswal traders

Income Tax Return(ITR) filing is done after the completion of a financial year. Due dates for ITR filing are as per section 139 of the income tax act. Due dates for different category of taxpayers are as follows:

Category

Due Date

Individuals to whom audit is not applicable

31st July of the Assessment Year

Companies

30th September of the Assessment Year

Individuals to whom audit is applicable

30th September of the Assessment Year

Individuals/ HUF who are partners in a firm and firm’s accounts are subject to audit

30th September of the Assessment Year

The above due dates can be extended by the IT Department via order.

Tax Audit Applicability

Stock Traders trade in shares, securities, commodities and currency through online trading platforms. For Income tax on tradingEquity Intraday, Equity F&O, Commodity Trading and Currency Trading are considered as a Business Income. Thus, it is important to determine the applicability of Tax Audit as per the provisions of Income Tax Act.

Check Tax Audit Applicability u/s 44AB
Check Income Tax Audit applicability u/s 44AB to file Tax Audit Report Form 3CB - 3CD with your Income Tax Return.
Explore
Check Tax Audit Applicability u/s 44AB
Check Income Tax Audit applicability u/s 44AB to file Tax Audit Report Form 3CB - 3CD with your Income Tax Return.
Explore

The limit for turnover under Section 44AB is Rs. 1 Cr. Under Budget 2020, the turnover limit under Sec 44AB has been increased from Rs. 1 Cr to Rs. 5 Cr if the following conditions are satisfied:

  1. Cash Payments do not exceed 5% of the Total Payments in the financial year
    AND
  2. Cash Receipts do not exceed 5% of the Total Receipts in the financial year

Calculation of Trading Turnover

Any person having income from trading in shares and securities should report it as income from business and profession. To determine the applicability of Tax Audit as per the Income Tax Act, we should calculate Trading Turnover for such income. It is important to note that tax liability does not depend on Turnover. The trading turnover should be calculated only when the share trading income is considered as a business income and not when it is considered as capital gains income.

Import Your Trades
File ITR Online

India’s fastest growing Tax Filing Platform

[Rated 4.8 stars by customers like you]

Import Your Trades

File ITR Online

India’s fastest growing Tax Filing Platform

[Rated 4.8 stars by customers like you]

FAQs

How to download the Tax P&L Statement from the Motilal Oswal portal?

You can download the Tax P&L Statement from the Motilal Oswal portal by clicking on the MO Genie option and selecting the Profit and Loss Statement option.

Is Trading Turnover the same as Contract Turnover?

No. Trading Turnover is different than Contract Turnover.
Contract Turnover is the sum of the purchase value and sales value. It is not considered for income tax purposes. Trading Turnover or Business Turnover is the absolute profit i.e. sum of positive and negative differences. This turnover is considered to determine the applicability of the tax audit and the applicable ITR form.

I am a trader. Which ITR Form do I need to file for my Income Tax Return?

Taxpayers having income from trading need to file ITR-2 or ITR-3 based on the nature of income from trading. In the case of Capital Gains Income, file ITR-2 and in case of Business Income, file ITR-3.

How to File ITR for Kotak Securities?

A Kotak Securities Trader has to file ITR based on the income they have from trading in equity, mutual funds, or derivatives. Kotak Securities provides a Tax P&L Report to all its traders aggregating the trading transactions done during the financial year. Using the Tax P&L Report, the trader can determine which ITR Form to file and also determine the applicability of the Tax Audit. If you are a Kotak Securities Trader and looking to file your ITR (Income Tax Return), you can refer to the detailed process below.

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Are you an Equity, Intraday, F&O or Commodities Trader? Upload your Tax P&L and file Tax Return online
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Tax Compliance for Kotak Securities Trader
Are you an Equity, Intraday, F&O or Commodities Trader? Upload your Tax P&L and file Tax Return online.
[Rated 4.8 stars by customers like you]
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Kotak

Tax P&L Report Tabs Explained

The above image is of the Kotak Equity segment statement. Kotak doesn’t provide a consolidated Tax P&L Statement. Hence, you have to download all the segments separately. The tabs included in the Tax P&L Statements are mentioned below:

  • Cost Basis – It is the original value of an asset for tax purposes, usually the purchase price, adjusted for stock splits, dividends and return of capital distributions
  •  Proceeds – Cash received from the sale of goods or services and can be discussed as gross or net
  • Square Off – It is a trading style used by investors/traders mostly in day trading, in which a trader buys or sells a particular quantity of an asset and later in the day reverses the transaction, in the hope of earning a profit

Which ITR Form is Applicable for Kotak Securities?

To file ITR is an annual process for Kotak Securities Traders. Based on the income situation, the taxpayer needs to file the prescribed ITR Form. The taxpayer should report incomes, calculate and pay taxes, claim TDS Credits and request refund for the overpayment of taxes while filing their ITR. The income tax department has notified ITR Forms based on different income situations. To know which ITR Form is applicable to you, use the below calculator. 

Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore

Taxpayers having income from trading need to file ITR-2 or ITR-3 based on the nature of income from trading. In the case of Capital Gains Income, file ITR-2 and in case of Business Income, file ITR-3.

Due Date for Filing ITR for Kotak Securities

Income Tax Return(ITR) filing is done after the completion of a financial year. Due dates for ITR filing are as per section 139 of the income tax act. Due dates for different category of taxpayers are as follows:

Category

Due Date

Individuals to whom audit is not applicable

31st July of the Assessment Year

Companies

30th September of the Assessment Year

Individuals to whom audit is applicable

30th September of the Assessment Year

Individuals/ HUF who are partners in a firm and firm’s accounts are subject to audit

30th September of the Assessment Year

The above due dates can be extended by the IT Department via order.

Tax Audit Applicability

Stock Traders trade in shares, securities, commodities and currency through online trading platforms. Income from trading in Equity Intraday, Equity F&O, Commodity Trading and Currency Trading is considered as a Business Income. Thus, it is important to determine the applicability of Tax Audit as per the provisions of Income Tax Act.

Check Tax Audit Applicability u/s 44AB
Check Income Tax Audit applicability u/s 44AB to file Tax Audit Report Form 3CB - 3CD with your Income Tax Return.
Explore
Check Tax Audit Applicability u/s 44AB
Check Income Tax Audit applicability u/s 44AB to file Tax Audit Report Form 3CB - 3CD with your Income Tax Return.
Explore

The limit for turnover under Sec 44AB is Rs. 1 Cr. Under Budget 2020, the turnover limit under Sec 44AB has been increased from Rs. 1 Cr to Rs. 5 Cr if the following conditions are satisfied:

  1. Cash Payments do not exceed 5% of the Total Payments in the financial year
    AND
  2. Cash Receipts do not exceed 5% of the Total Receipts in the financial year

Calculation of Trading Turnover

Any person having income from trading in shares and securities should report it as income from business and profession. To determine the applicability of Tax Audit as per the Income Tax Act, we should calculate Trading Turnover for such income. It is important to note that income tax on trading does not depend on Turnover. The trading turnover should be calculated only when the share trading income is considered as a business income and not when it is considered as capital gains income.

Have you invested in F&O and Intraday?
Need helping to file your ITR? Don't worry, we can help you!
[Rated 4.8 stars by customers like you]
Have you invested in F&O and Intraday?
Need helping to file your ITR? Don't worry, we can help you!
[Rated 4.8 stars by customers like you]

FAQs

How to download the Tax P&L Statement from Kotak Securities?

You can download the Tax P&L Statement from the Kotak Securities by navigating to Reports > Trades section from the dashboard. Apply the appropriate filters to download the specific statement you wish to download.

Is Trading Turnover the same as Contract Turnover?

Contract Turnover is the sum of the purchase value and sales value. It is not considered for income tax purposes. Trading Turnover or Business Turnover is the absolute profit i.e. sum of positive and negative differences. This turnover is considered to determine the applicability of the tax audit and the applicable ITR form.

I am a trader. Which ITR Form do I need to file for my Income Tax Return?

Taxpayers having income from trading need to file ITR-2 or ITR-3 based on the nature of income from trading. In the case of Capital Gains Income, file ITR-2 and in case of Business Income, file ITR-3.

Advance Tax Payment Procedure Online on TIN-NSDL

Advance tax is the income tax payable if your tax liability exceeds INR 10,000 in a financial year and it should be paid in the year in which the income is earned. It is also called the ‘pay-as-you-earn’ scheme. It is required to be paid at quarterly intervals. The advance tax due dates for payment is on the 15th of each quarter-end.

There are two methods for payment of Advance Tax:

  • Online via TIN NSDL.
  • Offline via Bank Branch.

Steps for Online Payment of Advance Tax

  1. Aceess the TIN NSDSL e-payment Portal.

    Visit the TIN NSDL e-payment portal and Select Challan 280.

  2. Select the tax applicable and Payment Type.

    Select the Tax Applicable as (0021) Income Tax (Other than Companies). Later select Type of payment as (100) Advance Tax.

  3. Select Mode of Payment and name of Bank.

    Next, select the mode of payment from the different options and the name of your Bank.

  4. Enter the Details asked.

    Enter PAN and Other Details including your email Id and contact number.

  5. Select the Assessment Year.

    After selecting the Assessment Year, enter captcha and click on Proceed.

  6. Click on “Submit to the bank”.

    Verify the details that were entered and Click Submit.

  7. Now you can login to the net banking account of your bank to make the payment.

    Once you make the payment you will get challan counterfoil with Bank details. Save it for future reference.

Steps for payment of Advance Tax Offline

  1. Visit the bank branch and ask for the applicable tax payment challan form-Challan 280 (in this case).
  2. Fill in the details as required in the form. The details asked in the form are the same as required in the online form.
  3. Go to the relevant bank’s counter and submit the filled-in Challan 280 form along with the money. The tax payment can be made either in cash or cheque.
  4. Once you give the money and challan and the bank official will give you a receipt by tearing off a portion of the challan, filling in details of payment, and stamping it.

Once you have completed your advance tax payment by either the online or offline method, you should keep the receipts safely as proof of payment. It can approximately take up to 10 days to reflect in your Form 26AS. Your income tax payment should show in your Form 26AS Component ‘Part C – Details of Tax Paid’.

FAQs

I forgot to save my Challan for tax payment, what should I do?

You can know details of Advance tax paid from your Form 26AS. Hence download Form 26AS from the income tax e-filing portal and show the same in your ITR.

What should I do if my bank does not have an online payment facility or is not an authorised bank for E-Tax ?

In case your bank does not have an online payment facility or is not an authorized bank then you can make electronic payment of tax from the account of any other person who has an account with the authorized bank having online facility.

What if my account gets debited twice for the Advance tax payment?

You should contact your Bank and ask for correction for double payment made for Advance tax.

Sec 139(4) : Belated Return under Income Tax

Belated Return u/s 139(4) is the return filed after the due date. The due date to file ITR for Individuals is 31st July of the assessment year (next financial year). And the due date to file ITR for Individual to whom audit is applicable is 30th September of the assessment year.

You can file belated return u/s 139(4) on or before the end of the assessment year. However, for FY 2018-19 / AY 2019-20, you can file a Belated Return till 30th June 2020 due to COVID-19.

Need help in filing Belated Return?
Let our experts file Belated Return for you.
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Need help in filing Belated Return?
Let our experts file Belated Return for you.
[Rated 4.8 stars by customers like you]

Who can file Belated Return u/s 139(4)?

From FY 2019-20 onwards return filing is mandatory in the following cases:

  • Total Income is more than INR. 2,50,000
  • The amount deposited in a current account held with a bank or co-operative bank exceeds INR 1 crore in a financial year;
  • Expenditure incurred on foreign travel exceeds INR 2 lakh in a financial year for himself/herself or any other person;
  • If an individual incurs electricity bills of INR 1 lakh or more in a year; and
  • For claiming capital gains tax exemption on investment in a house.

Hence Belated Return can be filed by anyone who is required to file ITR.

Income Tax Calculator
Calculate income tax liability for FY 2020-21. Compare tax liability as per New vs Old Tax Regime.
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Income Tax Calculator
Calculate income tax liability for FY 2020-21. Compare tax liability as per New vs Old Tax Regime.
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Due Date to file Belated Return u/s 139(4)

As per Budget 2021, there is a proposed reduction in the deadline for filing belated, revised ITR by three months. So now the due date to file belated, revised ITR will be December 31 of the assessment year instead of March 31 of the assessment year. This change also implies that the last date for voluntarily filing the ITR for the current financial year (FY21) will be December 31, 2021. This means a taxpayer can file a belated return up to one year from the end of the financial year.

FY 2020-21 onwards – on or before 31st December of the relevant assessment year,

Up to AY 2017-18 – within one year from the end of the relevant assessment year.

Example: Ajay forgot to file ITR-1 for FY 2020-21 (AY 2021-22) on or before 31st October 2021 (Extended due date). Here he can file ITR by 31st December 2021. But his return will be considered as belated return and it will be filed u/s 139(4) and not u/s 139(1).

Consequences of late filing of ITR

Following are the consequences of filing Belated Return:

Interest Penalty u/s 234A: Simple Interest @ 1% of tax liability per month or part thereof is levied when return is filed after the due date. The calculation of interest will be from the date after the due date until the actual date of filing. For example, if the due date is 31/08/2019 and ITR is filed on 15/11/2019 then interest u/s 234A is levied for 3 months.

Late Filing Fees u/s 234F: From AY 2018-19 onwards, Late filing fees up to INR. 10,000 is levied if the return is filed after the due date. These fees are levied if the gross total income of an individual is INR. 2,50,000 or more.

Unable to Carry Forward Losses: You can set off losses against current year incomes but you can not carry forward losses incurred against future gains. However, in case of House Property Losses carry forward of losses is allowed.

Exemptions / Deductions Disallowed: In case of belated return exemptions/deductions, u/s 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID and 80-IE are not available. This is allowed only if ITR is filed on or before the due date.

How to file Belated Return?

You can file belated return u/s 139(4) in following two manners:

  1. From your Login on Income Tax e-Filing Portal,
  2. Using ITR Preparation Utility.

FAQs

Can we revise Belated Return?

Yes. From FY 2016-17 (AY 2017-18) onwards Belated Return can be revised. Belated Return of earlier years can not be revised.

Can I file my ITR after the due date?

Yes, ITR can be filed after the due date. But it will be considered as Belated Return and late filing fees will be levied.

Do I need to e-verify Belated Return filed u/s 139(4)?

Yes. A taxpayer needs to e-verify the Belated Return filed after the due date. It will not be processed by the IT Department unless it is e-verified.

Can I claim a tax refund for the belated return?

Yes, you can claim a refund of TDS deducted while filing belated return u/s 139(4). The refund will be credited directly to your bank account mentioned in ITR. Make sure to pre-validate your bank account for the easy processing of a refund.

Income Tax Notice for Proposed Adjustment u/s 143(1)(a)

What is Notice u/s 143(1)(a)

Communication received u/s 143(1)(a) is communication for proposed adjustment u/s 143(1)(a) received from the income tax department. This notice is issued for the following reasons:

Section Reason
143(1)(a)(i) Arithmetical Error in ITR
143(1)(a)(ii) Incorrect Claim in ITR
143(1)(a)(iii) Disallowance of loss claimed in ITR
143(1)(a)(iv) Disallowance of expense claimed in ITR
143(1)(a)(v) Disallowance of deduction claimed in ITR
143(1)(a)(vi) Addition of income appearing in Form 26AS, Form 16 or Form 16A

Notice u/s 143(1)(a)(i)

Notice u/s 143(1)(a)(i) is issued when there is an arithmetical error in the filed Income Tax Return. It is sent to the registered email of the assessee. The notice mentions income head, amount reported in ITR, amount as per computation, amount of variance and description of error. The assessee must submit a response to this notice within 30 days from the date of issue.

Notice u/s 143(1)(a)(ii)

Notice u/s 143(1)(a)(ii) is issued when there is an incorrect claim in the filed Income Tax Return. It is sent to the registered email of the assessee. The notice mentions income head, amount reported in ITR, amount as per computation, amount of variance and description of error. The assessee must submit a response to this notice within 30 days from the date of issue.

Incorrect claim means:

  • An item in the ITR is not consistent with the same item or any other item in the ITR
  • Information that needs to be reported in the ITR has not been reported
  • Deduction claimed in the ITR exceeds the specified statutory limit as per the Act

Notice u/s 143(1)(a)(iii)

Notice u/s 143(1)(a)(iii) is issued when the loss has been incorrectly claimed in the ITR filed. It is sent to the registered email of the assessee. The notice mentions income head, amount reported in ITR, amount as per computation, amount of variance and description of error. The assessee must submit a response to this notice within 30 days from the date of issue.

As per the Income Tax Act, the assessee cannot carry forward the loss if he files his income tax return after the prescribed due date. When the return is filed after the due date u/s 139(1) and yet the loss has been claimed, notice u/s 143(1)(a)(iii) is issued to disallow such loss.

Notice u/s 143(1)(a)(iv)

Notice under section143(1)(a)(iv) is issued when an expense has been incorrectly claimed in the ITR filed. It is sent to the registered email of the assessee. The notice mentions income head, amount reported in ITR, amount as per computation, amount of variance and description of error. The assessee must submit a response to this notice within 30 days from the date of issue.

If an expense is disallowed under the audit report but the assessee claims it in the income tax return. Notice under section 143(1)(a)(iv) is issued to disallow such expense.

Notice u/s 143(1)(a)(v)

Notice u/s 143(1)(a)(v) is issued when a deduction has been incorrectly claimed in the ITR filed. It is sent to the registered email of the assessee. The notice mentions income head, the amount reported in ITR, amount as per computation, amount of variance, and description of the error. The assessee must submit a response to this notice within 30 days from the date of issue.

If the assessee files his Income Tax Return after the due date prescribed u/s 139(1). Thus in such case he cannot claim certain specified deductions (Sec10AA and Sec 80H to Sec 80RRB under chapter VI-A). However, if he has claimed such deductions, the tax department would issue a notice u/s 143(1)(a)(v).

Notice u/s 143(1)(a)(vi)

Income Tax Notice u/s 143(1)(a)(vi) is received when there is a mismatch in details of TDS on salary as per Form 26AS or Form 16 or mismatch in TDS as per Form 16A and income details reported in the filed Income Tax Return. The notice communicates the head of income, the amount reported in ITR, amount as per Form 16/26AS/16A, amount of variance, and the description of the error. There can be following 3 possibilities:

  • Taxable Salary reported in Schedule S of ITR does not match with the gross amount in Tax Credit Statement

Taxable Salary in ITR does not match with the Taxable Salary as per Form 16. This means that an extra deduction has been claimed in the ITR which is not reflected in Form 16

Communication of proposed adjustment u/s 143(1)(a)

How will I receive Communication u/s 143(1)(a)?

Communication on Email

  • The system auto-generates the communication u/s 143(1)(a) and sends it to the assessee on the email entered while filing the income tax return
  • The sender of these email is CPC i.e. Central Processing Centre and the sender’s email is intimations@cpc.gov.in
  • The subject of the email is ‘Communication u/s 143(1)(a) for PAN CDAxxxxx8P for the A.Y. 2019-20‘. The PAN and AY (Assessment Year) would be different in each case
  • The notice is attached to the email in a pdf format. It is password protected. The password to open is PAN in lower case and the date of birth in DDMMYYYY format. Eg: aagpr1212a02101980 for PAN: AAGPR1212A and DOB: 02/10/1980

Communication on SMS

  • The system auto-generates the communication u/s 143(1)(a) and communicates to the assessee on the mobile entered while filing the income tax return
  • The sender of the message is CPC i.e. Central Processing Centre and the sender’s name is VM-ITDCPC

Time Limit for issue of Communication for Proposed adjustment u/s 143(1)(a)

The income tax department can send intimation u/s 143(1)(a) within one year from the end of the financial year in which the return is filed.

Example

Taxpayer files ITR for FY 2018-19 in July 2019 or October 2019
End of financial year in which return is filed – 31st March 2020
One year from end of financial year – 31st March 2021
Therefore, the tax department can send intimation for ITR of FY 2018-19 up to 31st March 2021

If a taxpayer does not receive any intimation within such period, it means that there are no adjustments and changes to the ITR filed. There is no change in tax liability or refund. Thus, the Income Tax Return filed is deemed to be intimation u/s Section 143(1).

Due Date to submit response to notice u/s 143(1)(a)

If you have received a notice under section 143(1)(a), you must file a response within 30 days from the date of issue of notice.

  • If you Agree to the mismatch in notice – File a Revised Return u/s 139(5)
  • If you Disagree to the mismatch in notice – Submit a response
  • When you Partially Agree to the mismatch in notice – File a Revised Return u/s 139(5) and submit a response

How to File Response to Notice u/s 143(1)(a)

  1. Visit the e-Filing portal

    Login using valid credentials on the e-Filing portal.

  2. Pending Actions

    Click on Pending Actions > e-Proceedings from the dashboard

  3. View Notices

    Click on the option to View Notice for adjustment u/s 143(1)

  4. Notice pdf

    Click on the Notice/Letter pdf.

  5. Download the notice

    You will be able to view the notice issued to you. If you wish to download the notice, click Download.

  6. Respond to Notice

    Click on the option to submit response.

  7. Details of the Prima Facie Adjustments

    You will be able to view the details of the Prima Facie Adjustments found by CPC in your filed ITR. Click on each variance to provide responses.

  8. Provide Response

    On clicking the variance, details of the variance will be displayed. To provide response for the particular variance, click Provide Response.

  9. Response from dropdown

    Select the relevant response from the dropdown and click Save after responding to each Prima Facie Adjustment.

  10. Proceed to e-Verify your response

    Once all the responses have been provided, click Back. On clicking Back, you will be taken back to the details of Prima Facie Adjustment found by CPC in your filed ITR. After responding to each variance, the responses will be saved. Click Continue. Select the Declaration checkbox and click Proceed to e-Verify.

  11. Successful Verification

    On successful e-Verification, a success message is displayed along with a Transaction ID. You will also receive a confirmation message on your email ID registered on the e-Filing portal.

FAQs

Is income tax notice u/s 143(1) different from notice u/s 143(1)(a)?

Communication u/s 143(1) is just an intimation and not a notice. Under this intimation, there is a preliminary check whether the calculations as per ITR match with the calculations as per tax department.
If there is any mismatch in the data, the department issues a notice for adjustment u/s 143(1)(a) The taxpayer needs to respond to this notice within 30 days.

How do I check my 143(1) online?

Generally IT Department sends intimation u/s 143(1) on the registered mail. However, if you have not received you can still request for 143(1) by logging into your Income tax account, then my account and request for 143(1) intimation under service request.

What does pending for response to proposal of adjustment u/s 143(1)( a) ?

A communication for such an adjustment under Section 143(1)(a) is sent to taxpayers wherein there is a mismatch of the income/deductions/exemptions reported in the Income Tax Return and in the income/deductions/exemptions as shown in the Form 16.

Income Tax : Rates, Due Date and Return Filing in India

Income Tax is a type of direct tax that you pay on income earned during the financial year. In India, a direct tax is governed as per Income Tax Act, 1961 along with Income Tax Rules, 1962 Income Tax is levied based on the different types of incomes and taxpayers.

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Who should file Income Tax Return (ITR)?

A taxpayer is required to file ITR if their income is more than the basic exemption limit. The basic exemption limit for Individuals and HUFs below the age of 60 years is INR 2.5 Lakh in AY 2019-20.

However, a taxpayer with income less than the basic exemption limit can also file an ITR. This is known as a NIL return.

Income Tax Calculator
Calculate income tax liability for FY 2020-21. Compare tax liability as per New vs Old Tax Regime.
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Income Tax Calculator
Calculate income tax liability for FY 2020-21. Compare tax liability as per New vs Old Tax Regime.
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What are the Due Dates to file Income Tax Return (ITR)?

Category Due Date
Individuals to whom audit is not applicable 31st July of the Assessment Year
Companies 30th September of the Assessment Year
Individuals to whom audit is applicable 30th September of the Assessment Year
Individuals/ HUF who are partners in a firm and firm’s accounts are subject to audit 30th September of the Assessment Year

Due Date for Filing ITR for AY 2021-22

What are the Documents required to file ITR?

The basic documents required to file ITR are:

  • PAN (Permanent Account Number)   
  • Aadhar Number
  • Form 26AS
  • Bank Account Details
  • Challan of any advance tax or self-assessment tax (if paid during the year)
  • Details of the original return (if filing a revised return)

However, documents required to submit ITR may differ based on the income situations and ITR form the taxpayer has to file.

Which ITR Form to File?

The ITR form a taxpayer should file differs based on their income source and residential status. The Income Tax Department has prescribed 7 different ITR forms for different income situations. The taxpayer is required to choose the ITR Form that is applicable to them for that particular assessment year. The most common ITR form filed by individual taxpayers is ITR 1 or ITR 4.

ITR-1 (SAHAJ) The most basic ITR form for individuals having income up to Rs. 50,00,000 from salary/pension, one house property, and interest.
ITR-2 For individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and partner’s income from the partnership firm.
ITR-3 For individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and income from proprietary business or profession.
ITR-4 For individuals/HUF/Partnership firms having income from presumptive business or profession.
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
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Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
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What are the Income Tax Rates for AY 2019-20?

Income is taxed based on the category of a taxpayer. In India, income tax rates are declared every year in Union Budget by the finance minister. The Income Tax Slab Rates for Individuals and HUFs below the age of 60 years are:

Taxable Income Tax Rate
Up to INR 2,50,000 Nil
INR 2,50,000 to INR 5,00,000 5%
INR 5,00,000 to INR 10,00,000 20%
Above INR 10,00,000 30%
  • Rebate u/s 87A of INR 2,500 or 100% of the tax (whichever is lower) is available to Individuals with income is less than Rs. 3,50,000
  • A surcharge is applicable if your taxable income is:
    • between INR 50,00,000 to 1,00,00,000 : Surcharge 10%
    • above INR 1,00,00,000 : Surcharge 15%
  • Health & Education Cess is 4% on the total of income tax + surcharge

How to file ITR?

You can file Income Tax Return using:

  • Income Tax e-filing Website
    • Income tax account
    • IT utilities
  • ERI (e-Return Intermediary): these are government-approved intermediaries like Quicko

e-File ITR using Income Tax e-Filing Website

To e-file your ITR by using an income tax e-filing website, you should use your income tax e-filing account.

  • Log in to the e-Filing portal by entering the user ID (PAN), Password, Captcha code and click ‘Login’.
  • Navigate to e-file > Income Tax Return
  • Select ITR Form, Assessment Year and other details
  • Prepare your ITR
  • Pay Self-Assessment Tax if you have outstanding tax dues. Or claim Tax Refund if you have paid excess tax during the financial year.
  • Click on ‘Submit’ to e-File your ITR.

e-File ITR using Income Tax Utilities

Income Tax Department provides Java and Excel utilities to prepare and e-file your income tax returns. These utilities allow the taxpayer to prepare their ITR offline, and using the income tax e-filing account the taxpayer can submit their ITR.

  • Go to incometaxindiaefiling.gov.in click on Offline Utilities under the Download section. Now go to Income Tax Return Preparation Utilities and select the assessment year
  • Select the ITR Form you are required to file and Download ITR Utility for that ITR Form.
  • Extract the files from a zip folder: You need to have java runtime environment to unzip the utility
  • Prepare your ITR offline
  • Upload the utility on your Income Tax e-filing account.
Track Your ITR Status
Check your Income Tax Return Status using the PAN and Acknowledgment number - which is allocated by the Income Tax Department after filing your ITR.
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Track Your ITR Status
Check your Income Tax Return Status using the PAN and Acknowledgment number - which is allocated by the Income Tax Department after filing your ITR.
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What is ITR e-Verification?

ITR filing process is not complete until you e-Verify your return. When a taxpayer files the ITR, they receive ITR V on their registered email id from the income tax department. ITR-V means Income Tax Return Verification Form, it is also known as ITR-V (Acknowledgement). 

You can e-verify your ITR by the following methods:

ITR e-Verification
An expert assisted Income Tax Return(ITR) e-verification for Individuals and HUFs.
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ITR e-Verification
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FAQs

What is the due date to file the Income Tax Return (ITR)?

The due date to file the Income Tax Return (ITR) for individuals, Hindu Undivided Families (HUF), and taxpayers whose accounts are not required to be audited July 31st unless extended by the government.

What are the Income Tax slab rates for individuals?

The Income Tax slab rates for individuals for the Financial Year 2020-21 are given below. The table consists of both the current regime and new regime tax slab rates.

What are the basic documents required to file Income Tax Return (ITR)?

PAN (Permanent Account Number)   
Aadhar Number
Form 26AS
Bank Account Details
Challan of any advance tax or self-assessment tax (if paid during the year)
Details of the original return (if filing a revised return)

Is it necessary to verify the Income Tax Return (ITR)?

The Income Tax Return (ITR) filing process is not complete until the filed ITR is verified by the taxpayer. The taxpayer can either e-verify the ITR or can send signed ITR-V (Acknowledgement) to the Income Tax Department (ITD). If the e-Verification of ITR is not possible then the taxpayer needs to send the signed ITR-V to the Income Tax Department within 120 days at CPC Bangalore.

Difference between Assessment Year (AY) and Financial Year (FY)

Taxpayers always get confused between the financial year (FY) and assessment year (AY) for which they are filing ITR. These terms are widely used in the context of ITR filing, TDS Return filing, and payment of income tax. Hence it is important to understand the difference between Financial Year and Assessment Year.

What is the Financial Year (FY)?

In simple terms, the financial year is the year which begins on 1st April and ends on 31st March. It is the year in which income is earned by the taxpayer. FY is a term widely used in Form 16, Salary Payslips, Loan repayment documents, etc of a taxpayer.  

What is Assessment Year (AY)?

Term Assessment year is widely used in the context of ITR filing and payment of income tax. AY is a year immediately following the financial year. The taxpayer needs to file ITR not in the year in which he/she earns the income but after the end of that year i.e, in the assessment year.  

ITR for Salaried Individuals
CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
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ITR for Salaried Individuals
CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
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Difference between the Assessment Year (AY) and Financial Year (FY )

Let’s take an example to understand the difference between AY and FY better: Mr. Ajay is a fresher who started a job in a company on 7th July 2018 and has worked with the same company till 31st March 2019. In this case, Financial Year (FY) is 2018-19 for Ajay i.e, the year in which income is earned by him. And Assessment Year (AY) is 2019-20 i.e, the year in which Ajay will file his ITR.  

 

 

Period

Financial Year(FY)

Corresponding Assessment Year(AY)

1st April 2017- 31st March 2018

FY 2017-18

AY 2018-19

1st April 2018- 31st March 2019

FY 2018-19

AY 2019-20

1st April 2019- 31st March 2020

FY 2019-20

AY 2020-21

 

FAQs

When can I file a return for FY 2018-19?

FY 2018-19 ends on 31st March 2019. Hence return for FY 2018-19 can be filed only after 31st March 2019. Taxpayers can file their ITR from April 2019, once the income tax department enables the e-filing of ITR on the income tax e-filing portal. The due date for filing ITR for FY 2018-19 is 31st July/ 30th September 2019.

When does AY 2019-20 start?

AY 2019-20 starts on 1st April 2019 and ends on 31st March 2020. AY 2019-20 means FY 2018-19 and ITR for AY 2019-20 will be filed on or before 31st July/ 30th September 2019 for income earned in FY 2018-19.

How do I check if return filing has started for the current financial year?

Generally, ITR filing starts in April month of Assessment Year. Income Tax department notifies the commencement of e-filing on its website under the News and Updates section.

e-File Nil Income Tax Return

Nil Income Tax Return is a return filed when income earned during the year is below the basic exemption limit(INRs. 2,50,000). As per the Income Tax Act, ITR filing is not mandatory for individuals earning less than INR. 2,50,000. However, if a return is filed then it will be considered as Nil return.

Due Date file Nil Income Tax Return

Individuals can file a Nil Tax Return on or before 31st July of the Assessment Year. The Due date for Nil Income Tax Return is the same as a regular return. If Nil return is filed after the due date it will be considered as a belated return. However, no late filing fees will be charged.

Note: Due to Covid-19 the due date to file ITR for FY 2019-20 (AY 2020-21) is extended to 31st December 2020 (in case tax audit is not applicable).

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CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
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CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
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Methods to File Nil Income Tax Return

Nil Return is filed in the same manner as a regular return. One can file Nil return in following 3 ways:

  • Income Tax e-Filing Account
  • Prepare ITR offline using the utility
    • Prepare your return offline through Income Tax Utility and file return from your login on the e-filing website.
  • File through a DIY platform
    • File your Income Tax Return (ITR) through an ERI like Quicko,
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What are the benefits of filing a Nil Tax Return?

In case your income is less than the basic exemption limit, you can still file a Nil ITR. Following are the benefits of filing Nil Tax Return:

  • Proof of Income: ITR serves as a proof of income of an individual for a particular financial year. It is considered as a valid income proof by the financial institutions while applying for a loan and it is also helpful while applying for a foreign country visa.
  • To claim Refund of TDS: In case if any TDS is deducted on your interest income then the same can be claimed as refund by filing a Nil return. 
  • Avoid notices from IT Department: It is always a good practice to file a tax return then receiving notice from the IT Department. Tax Department sends Non-filers notice to taxpayers who do not file their tax returns. Hence it is better to file nil return then receive a tax notice.
  • To Carry forward losses: To carry forward the losses of business to next financial year ITR filing is mandatory. Hence, it is good practice to file a tax return.       
ITR for NIL Income
CA Assisted Income Tax Return filing for Individuals and HUFs having income less than the basic exemption limit (INR 2,50,000).
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FAQs

Is it mandatory to file nil Income Tax Return (ITR)?

It is mandatory to file the income tax returns online for all the registered taxpayers whose taxable income. However, paper returns can be filed by those who are above 80 years of age and do not have any income from regular business or profession.

Is 234F applicable for nil return?

No, fees u/s 234F shall not be applicable in your case if your income is below exemption limit or nil and you are filing the belated income tax return.

Do I have to file a nil Income Tax Return (ITR) if my income is below INR 2.5 LPA?

It is recommended that an individual file NIL return, even if the taxable income is less than INR 2.5 Lakhs.