How to File Income Tax for No Income? [June 2024]

31 May 2024 3 mins Tax Planning

Filing income tax returns, even with no income, is important to maintain a record with the income tax department. This guide will help you understand how to file income tax for no income in June 2024.

Why File Income Tax When You Have No Income?

Filing a nil return is essential for several reasons, such as:

Loan Applications: It helps in getting loan approvals.
Visa Applications: Useful for visa processing.
Maintaining Compliance: Ensures you are compliant with the tax laws.

Step-by-Step Guide to File Income Tax for No Income

Step 1: Register on the Income Tax Portal

Visit: Go to incometax.gov.in.

Fill Details: Provide your name, date of birth, and contact details as per your PAN card.

Verification: Verify your account through the OTP sent to your registered mobile number and email.

Step 2: Link PAN with Aadhar

Link Aadhar: Go to ‘Profile Settings’ and click on ‘Link Aadhar’. Enter your Aadhar number and name as per Aadhar.

Submit: Verify the details and submit. Linking PAN with Aadhar is crucial for income tax filing in 2024.

Step 3: Download Form 26AS

Navigate: Go to the ‘My Account’ section and click on ‘View Form 26AS’.

Download: Download Form 26AS to ensure no tax has been deducted.

Step 4: Choose the Correct ITR Form

Select Form: For individuals with no income, ITR-1 (SAHAJ) is generally used.

Fill Details: Enter your personal information, and ensure the income details show zero income.

Validate: Use the portal’s validation tool to check for errors.

Step 5: Submit and Verify Your Return

Submit: Review all the details and submit your return.

E-Verify: You can e-verify through Aadhaar OTP, net banking, or by sending a signed copy of ITR-V to CPC, Bengaluru.

Common Questions

1. Why Should I File a Nil Return?

Filing a nil return is important for maintaining financial records, applying for loans, and ensuring compliance with tax laws.

2. What if I Make a Mistake?

If you realize that you have made a mistake, you can file a revised return before the end of the assessment year.

3. Can I File My Return Without Linking PAN with Aadhar?

No, linking PAN with Aadhar is mandatory for income tax filing.

4. Do I Need Form 26AS?

Yes, Form 26AS is a consolidated tax statement that helps ensure no tax has been deducted at source.

5. What is the Deadline for Filing Income Tax Returns?

The deadline for income tax filing for the financial year 2023-24 is typically July 31, 2024.

Conclusion

Filing your income tax return, even with no income, is a good practice. Follow these steps to ensure you are compliant and maintain a good financial record. For more detailed information and updates, always refer to the official income tax portal, incometax.gov.in.