• Itr filing

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
Asked 13 days ago in Income Tax

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

Naman Maloo
CA, Jaipur
4026 Answers
64 Consultations

5.0 on 5.0

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. 

 

 

Puja Sharma
CA, Jaipur
33 Answers

Not rated

- 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.

Vivek Kumar Arora
CA, Delhi
4432 Answers
550 Consultations

5.0 on 5.0

- 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.

 

 

Vivek Kumar Arora
CA, Delhi
4432 Answers
550 Consultations

5.0 on 5.0

You file the return for your Partnership Firm with the loss as mentioned above. 

Puja Sharma
CA, Jaipur
33 Answers

Not rated

Yes for partnership firm it is compulsory to file income tax return every year and you can file Nil return.

Naman Maloo
CA, Jaipur
4026 Answers
64 Consultations

5.0 on 5.0

You need to put your bank interest and file ITR. 

Prerna Peshori
CA, Pune
60 Answers

5.0 on 5.0

You need to file return for partnership irrespective of there is income or not

 

if no income than need to file NIL return

Vishrut Rajesh Shah
CA, Ahmedabad
804 Answers
30 Consultations

5.0 on 5.0

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