how to file nil income tax return
Filing a NIL or zero income tax return is an important compliance requirement for all taxpayers, even if they have no taxable income. The process of filing a nil return is relatively simple and can be done online through the Income Tax Department’s e-filing portal. Here are the key points to keep in mind when filing a nil income tax return in India, based on the provisions of the Finance Act 2023:
It is important to note that failing to file a nil income tax return can result in penalties and legal action, so it is recommended to file a return even if you have no taxable income. If you have any doubts or need assistance with filing your nil return, it is best to consult a qualified tax professional or Chartered Accountant.
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Title: A Step-by-Step Guide to Preparing and Uploading JSON Files on the Income Tax Portal
When filing your Income Tax Return (ITR) on the Income Tax Department’s e-filing portal, certain taxpayers may be required to upload their returns in JSON format. Here’s a step-by-step guide to help you prepare and upload your JSON file on the Income Tax Portal:
Step 1: Generate an XML file The first step is to generate an XML file using the offline utility available on the Income Tax Portal. The utility allows you to enter your tax details offline and generate an XML file that can be uploaded on the portal. You can download the offline utility for the applicable ITR form from the portal and install it on your computer.
Step 2: Convert XML to JSON Once you have generated the XML file, you need to convert it into JSON format. You can use various online XML to JSON conversion tools available on the internet. Alternatively, you can also use the inbuilt utility available on the Income Tax Portal to convert your XML file to JSON format.
Step 3: Validate JSON file It is important to ensure that your JSON file is valid and error-free before uploading it on the Income Tax Portal. You can use various JSON validation tools available online to validate your file.
Step 4: Upload JSON file Log in to the e-filing portal using your PAN and password. Select the “e-File” option from the main menu and click on “Upload Return” from the drop-down menu. Choose the appropriate assessment year and select the return type as “Original/Revised Return.” Choose the applicable ITR form and the submission mode as “Upload XML/JSON.” Click on “Choose File” and select the JSON file from your computer or device. Click on “Upload” to submit your JSON file. Once the file is successfully uploaded, the system will generate an acknowledgment number and send it to your registered email address.
uploading a JSON file on the Income Tax Portal requires you to first generate an XML file, convert it to JSON format, and validate it for errors. By following the above steps, taxpayers can ensure a hassle-free and efficient ITR filing experience.
Form 10E needs to be filed by taxpayers who wish to claim relief under Section 89(1) of the Income Tax Act, 1961. This section provides relief to taxpayers who receive arrears or advance salary and are thus subjected to higher taxes in the current year. The relief is calculated based on the average rate of tax payable in the previous years when the arrears were due or when the advance salary was received.
Here’s a step-by-step guide on how to file Form 10E in the new income tax portal:
The due date for filing Form 10E is the same as the due date for filing income tax returns, which is usually July 31st of the assessment year. However, in case you have missed the due date, you can still file a belated return within a period of one year from the end of the relevant assessment year. It’s important to file Form 10E within the due date or the belated return filing deadline to claim the relief under Section 89(1).
If you have received a notice from the Income Tax department or if you disagree with the decision of the Assessing Officer, you can file an appeal with the Commissioner of Income Tax (Appeals). Here are the steps to file an appeal:
It’s important to note that the advance payment of 20% of the disputed tax amount is mandatory and needs to be made before filing the appeal. If you fail to make this payment, your appeal may not be admitted.
Team IN Filings is a leading tax consultant and advisory firm that specializes in providing quality tax solutions to businesses and individuals across India. With years of experience in the field, we have built a reputation for our expertise, reliability, and client-centric approach.
Our team of tax professionals is well-versed in the complexities of the Indian tax system, and we provide customized tax solutions to our clients to help them meet their tax obligations in a timely and cost-effective manner. We offer a wide range of services, including income tax return filing, tax planning, tax audits, tax compliance, and more.
At Team IN Filings, we understand that each client has unique tax needs, and we take the time to listen and understand their individual circumstances before developing a tax solution that best meets their needs. We are committed to providing timely and accurate advice to our clients, and our team works tirelessly to ensure that our clients receive the highest level of service.
Contact us today to learn more about our tax consulting services and how we can help you with your tax needs. Visit our website at https://teamindia.co.in/income-tax-in-india/ for more information and to schedule a consultation with one of our tax professionals.
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