Do I need to file return in such situation?

I am female my income becomes non-taxable after all the deductions, so basically I will filing nil return. Do I need to file return? I have heard that nil return can be filed anytime.Is it true? Also my in-laws paid some principal amount of loan which I have taken? Do I have show this in myreturn as they are joint holder of the property and given cheque from their bank account. Can I show income from other sources upto 1 lac in ITR1 or ITR2?

Do I need to file return in such situation?
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3 Replies to “Do I need to file return in such situation?”

  1. Since after deductions your income is below taxable level it is not mandatory to file returns. However my recomendation is that it is always good to file a nil return. Yes it is also true that nil return can be filed anytime without penalty. Regarding amount received from in-laws, it is your wish how you want to show it. Is it gift? Or are they also party to the loan? All sources of income has to be shown.

  2. Loan from in laws is not income in your hands. It remains a LOAN and is repayable.

    If your income consists only of salaries and interest (from FD, Bank etc.) and no dividends or any other type of income, then, use ITR 1.

    If your income consists of salaries, interest and some tax free income like dividends from companies use form ITR 2.

    There is no need to show loan taken from your inlaws towards property in the tax return. Nor is there a provision / column for it.

    Please file a return with all available data before 31.07.2009, even though there is no objection to filing a nil income return even after this date.

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