Hi, In the financial year 21-22 - there is no business operation in my Firm . The is no income or expense. Only few lakhs GST refund deposited to my bank account from GST for previous year refund application + Few thousand deducted by bank for Bank account + Debit card Maintenance charge. Can I file NIL ITR return ? Thanks
Yes you can file Nil return but you must have received some interest or dividend income because completely Nil return won't be accepted I think.
Hope you find the information helpful, if yes do rate if 5 and provide your valuable feedback for my improvement.
Thank you
No, I will advise you not to file a nil return.
It will be a loss return where the bank account charges will be there, which will bring a loss to the balance sheet.
The GST refund will be a capital receipt and adjusted with the current asset.
- Assuming your residential status is NRI as on 31.03.2022. File ITR with interest received in NRO, NRE account and interest on GST refund if any. Mention GST details in ITR. Please check your Form 26AS and AIS for further information.
For detailed discussion, you may opt for phone consultation.
Hi, I am not NRI... My Partnership firm is in India. Thanks
- Partnership firm is a separate entity. If the management and control of a firm is wholly or partly from India then residential status of firm is resident. If it is wholly outside India then non-resident. The residential status of partners is determined separately as an Individual. You are liable to file ITR-5 of firm and separate ITR of yours as an Individual.
For detailed discussion, you may opt for phone consultation.
You file the return for your Partnership Firm with the loss as mentioned above.
Yes for partnership firm it is compulsory to file income tax return every year and you can file Nil return.
You need to put your bank interest and file ITR.
You need to file return for partnership irrespective of there is income or not
if no income than need to file NIL return
