NIL Income Tax Return I When To File A NIL Return I NIL Return Filing

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NIL return is a return filed to show the IT department that you fall below the taxable income and therefore did not pay taxes during the year.
As per income tax act, you are not mandatorily required to file the return if your income is below the basic exemption limit unless you have no high value transactions such as cash deposit of more than 1 crore in current account, foreign travel expenditure which is not more than 2 lakh for self or other, or electricity consumption expenditure which more than Rs 1 lakh.

Filing a nil return is no different from filing a regular income tax return. Enter your income details and deductions. 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.

The deadline to file your income tax return for FY 2019-20 is 31st December, 2020 . Remember! it's never a good idea to leave your tax filing until the last minute. You will be charged a late fee of up to Rs 5,000 by the IT department if your tax return is not filed by the due date.

Why Choose Cleartax for your ITR filing? Because, It's absolutely free and takes only 7 minutes! Every filer gets assured rewards worth Rs 51,000! Last but not the least, you will get assistance from our tax experts whenever needed. So hurry up! And don't wait any longer. File your ITR with ClearTax in just 7 mins!