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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
To file a NIL Income Tax Return, log in to the income tax portal, fill in the required details, and submit the return as you would for a regular return, ensuring all income and deduction details are accurately reported.
In an income tax filing, a NIL Return refers to a tax return filed by an individual or entity with no taxable income or whose income falls below the taxable threshold specified by tax laws. In this blog, we will explore what constitutes a NIL Return, its importance, and how to file a NIL income tax return. It also provides a step-by-step process for filing a NIL Income Tax Return.
A NIL Return is essentially a declaration made by a taxpayer to the tax authorities stating that they have no taxable income or that their income is below the taxable limit specified by their country’s tax laws. It formally acknowledges that no tax liability exists for that particular tax period.
Filing a NIL return, indicating that you have no income to report for a particular tax period, might seem unnecessary, but it’s a crucial practice for maintaining good standing with tax authorities and ensuring compliance with legal requirements. Here are two main reasons why you should file an NIL return.
Filing a NIL Income Tax Return (ITR) follows the same process as filing a regular ITR. Here’s a clear guide to help you file your NIL ITR online:
Before starting, ensure you have these documents ready:
Here are the benefits of filing a NIL Return:
Individuals must file a NIL return by July 31st of the Assessment Year, aligning with regular return deadlines. Filing after this date classifies it as a belated return, though no late fees apply for belated NIL returns.
Reducing your tax liability to zero involves strategic financial planning and leveraging various tax-saving options. In this section, we will explore the effective methods for minimizing your tax burden and maximizing your savings.
Optimizing your salary structure can significantly impact your taxable income. Consider these strategies:
Investing in tax-saving deposits offers dual benefits of savings and tax deductions:
Diversify your tax-saving portfolio with these investment avenues:
Filing a NIL Income Tax Return is a straightforward process to ensure compliance with tax laws and maintain accurate financial records. Following the steps outlined above in this guide, taxpayers can efficiently file their NIL return online and benefit from exemptions, refunds, and other financial advantages. Consult with a tax advisor for personalized guidance and maximize your tax-saving opportunities while complying with regulatory requirements.
1
ITR-1 (Sahaj) is typically applicable for filing NIL Income Tax Returns for individuals with no income other than salary or pension.
2
No, filing NIL Income Tax Returns is mandatory for companies and other entities, even with no taxable income.
3
The deadline for filing a NIL Return is generally the same as for regular income tax returns, usually July 31st of the Assessment Year in many jurisdictions.
4
Yes, it is compulsory to file NIL Income Tax Returns if you meet the criteria for filing tax returns, even if your income is below the taxable threshold.
5
Yes, you can file a NIL Return without Form 16. Form 16 is primarily for individuals earning a salary and is not mandatory for filing a NIL Return.
6
Any individual or entity whose income falls below the taxable limit specified by tax laws but must file tax returns for other reasons (like holding foreign assets or seeking tax refunds) should file a NIL Return.
7
Yes, if your total income is below the basic exemption limit per tax laws, you can file a NIL Return to declare that you have no taxable income.
8
No, there are typically no late fees for filing a NIL Return after the due date, as it is considered a non-taxable return in many jurisdictions.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
