Returns not Filed

Due to some reasons if we are not able to file returns for 15 years and wants to file now and start fresh what is the process and how can it be done there was no transaction at all for these years.
Asked 1 month ago in Income Tax from Bhiwandi, Maharashtra
Dear Sir,

What do you mean by there was no transaction in these year? Do you mean that you have not earned any income in those years. If yes, then an individual is not liable to file return. 

However if income was wanted during those years and this income exceeds the slab rate, you were liable to file return.

Now, you can file return only for last two years.

Please feel free to call/revert in case of any doubts

Thanks and Regards
Abhishek Dugar
CA CS B.com
Caabhishekdugar@gmail.com


Abhishek Dugar
CA, Mumbai
766 Answers
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Dear Sir,

No declaration is required for the gap. I am assuming it a personal return and not the return of any company.

We can help you in filing your returns. Please feel free to call/revert in case of any doubts

Thanks and Regards
Abhishek Dugar
CA CS B.com
Caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
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hi,
It is required to file Income Tax Return in the following situations:
    In case of individuals, if gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.2,50,000/-. This limit is Rs 3,00,000 for senior citizens ( who are more than 60 years old but less than 80 years old) or Rs 5,00,000 for super senior citizens (who are more than 80 years old).

In case of a company or a firm irrespective of whether there is any income or loss or NIL income during the financial year, it is mandatory to file income tax return

E filing of Income Tax return is compulsory if you want to claim income tax refund.
If you want to carry forward loss under any head of income, it is mandatory to file IT Return.

Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to RNORs).

If you are a Resident and have signing authority in a foreign account. (Not applicable to RNORs).
You are required to file an income tax return when you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, 
educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.

If tax has been deducted from your income, then you must file income tax return to avoid notice from the income tax department as it has information about your income.

If you have entered into any transaction listed under the Annual information Return (AIR) then you must file your IT Return as the income already has notice about you being involved in such transactions and may send you a notice asking about your income tax return. Examples of such transactions are sale/ purchase of immovable property above Rs. 30 lakhs, payment through credit card of more than Rs. 2 lakhs during the financial year etc.
If you have been filing your income tax return during the previous years then it is advisable that you file income tax return for the current financial year also even though you may not be liable to just to avoid a notice from the income tax department.

If you are planning to take a loan or apply for a visa, a proof of return filing may be required from you.
 in any other case you are not required to file the return.
it happens many times that there is gap in filing return due to non taxability of income.
do worry no declaration is required to give to income tax department, if your income is not exceed the taxable limit.
Vishakha Agarwal
CA, Bangalore
213 Answers
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Hello Sir,

You can file IT Returns only for the past 2 FY. i.e FY 2014-15 & FY 2015-16.

In case you get a query from the department then you can revert saying there was no taxable income.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP. 
Rohit R Sharma
CA, Mumbai
719 Answers
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Sir you can file returns for only 2 years. The remaining years computation shall be prepared and when in future if any query arises from Department then you can submit the computation and declare that there was no tax . 
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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