Any year you have minimal or no income, you may be able to skip filing your tax return and the related paperwork. However, it’s perfectly legal to file a tax return showing zero income, and this might be a good idea for a number of reasons.

Is it mandatory to file ITR if tax is not deducted?

If you are an Indian citizen and your gross total income exceeds the taxable limit in a financial year, then you are required to file your income tax return (ITR) for that year. Similarly, those whose income does not exceed the taxable limit in a financial year are usually not required to file their return of income.

What is the time limit for filing of return of income?

The government via a press release dated May 20, 2021, announced that it extended the deadline to file ITR, for most individual taxpayers, for financial year 2020-21 by two months to September 30, 2021 from the usual deadline of July 31.

What happens if you do not file income tax return?

This applies irrespective of whether you have any net tax payable or not. If you do not file the income tax return for a year by the due date, a loss for that year can not be carried forward. The only exception to this rule is loss from house property– this loss can be carried forward even if the IT return is not filed in time.

Do you have to file your tax return on paper?

Prepare, file your 2019 Tax Return on paper. eFile no longer available. Prepare, file your 2018 Tax Return on paper. eFile no longer available. Prepare, file your 2017 Tax Return on paper. You can no longer claim a 2016 Tax Refund. Prepare, file your 2016 Tax Return on paper.

How can I file my federal tax return for free?

File your federal taxes for free, no matter how complex your return is. We’ve been mentioned in Forbes, U.S. News, and more. Your information is private and secure on our site. Free account roll-over and back-ups of completed tax returns are included. We answer your questions through email and the account message center.

Is there penalty for missing deadline to file tax return?

However very less people know that even if you have missed the deadline to file your Income Tax Returns, there is no need to panic, as when it comes to filing of your income tax returns, tax laws are not so stringent. In this article, tax implication will be explained considering all the scenarios.