Can ITR be filed without payment of tax?

Filing a nil return is no different from filing a regular income tax return. Income tax is computed and you will be shown that you have no tax due. Submit your return to the Income Tax Department. And send your ITR-V to CPC Bangalore to complete the e-filing process.

Is it mandatory to file income tax return if TDS is not deducted?

Irrespective of whether your employer has deducted tax at source (TDS) on your salary or you have paid tax on your own, you should file your income tax return (ITR) if you fit certain criteria. Gross total income is the income you earn without factoring in exemption and deductions.

Do I need to file taxes if I have no taxable income?

If you didn’t earn any income in the last tax year, you’re not obligated to file a tax return. If you had very low or no income last year and are not required to file, you may wish to file anyway to claim certain refundable tax credits. Refundable tax credits can provide you with a tax refund even when you do not work.

What if I forgot to deduct TDS?

When your employer has not paid the TDS to the income tax department, the TDS would not be available against your PAN in your Form 26AS. If you take the tax credit for this amount, you will receive a notice from the income tax department for the mismatch in the TDS claimed and taxes paid.

How do I find my FBR number PSID?

A user will be able to see the PSID generated against a particular B/L or GD in the sub-menu of ‘View Generated PSIDs for E-Payment’ in the ‘Payment Management’ tab.

Can self-assessment tax be paid before filing return?

No, there is no specific or exact date for filing the self-assessment tax, however, it has to be done prior to filing the Income Tax Return. This tax can be paid by filing a tax challan ITNS 280 that can be filed either at a bank branch or online. Is it necessary to pay self-assessment tax?

Is income tax automatically deducted?

Income taxes, however, can vary. For most people, individual income taxes are automatically taken out of their paychecks. This is called payroll withholding. If you look at your pay stub, it usually tells you exactly how much money has been deducted in taxes.

Who is required to file an Income Tax Return (ITR)?

It is common knowledge that every Indian citizen whose gross total income exceeds the taxable limit in a financial year is required to file his/her income tax return (ITR). However, sometimes some people wonder if a person is also required to file his/her return of income if the income does not exceed the taxable limit?

What happens if you don’t file your income tax returns?

If you don’t file your returns, you essentially let go of a possible refund. If you are planning to immigrate to another country or seeking a job opportunity abroad, you must have your ITRs for the recent years ready. Most embassies, especially the US and UK, ask for copies of ITRs to process your visa application.

How can I claim excess tax refund after filing ITR?

There is no other way to claim excess tax refunds than filing ITR. Today TDS deduction has become mandatory across a lot of payments. The employer deducts TDS from salary, bank from FD interest rates, companies from payments to consultants, etc. Due to this you might have paid extra tax.

What happens if I don’t have an itr?

In the absence of an ITR, taking a loan becomes very difficult. In the absence of an ITR, you will be required to prove your earning, and repayment capacity, through other means. You may even be asked to bring a loan co-applicant, submit a collateral, or ensure security in other ways, to cover the repayment risk.