Should I file tax return if no income?
Should I file tax return if no income?
If you didn’t earn any income in the last tax year, you’re not obligated to file a tax return. If you had very low or no income last year and are not required to file, you may wish to file anyway to claim certain refundable tax credits. Refundable tax credits can provide you with a tax refund even when you do not work.
What happens if Form 15G not submitted?
If you do not fill form 15G Tax Deducted at Source will be debited and you will get TDS certificate which you can attach while filing income tax and pay remaining tax (if any).
What is form15g?
Form 15G or 15H. Share: Form 15G is a declaration that can be filled out by fixed deposit holders (individuals less than 60 years of age and HUFs) to ensure that no TDS (tax deduction at source) is deducted from their interest income in a year.
When 15G form is required?
If tax on your total income is nil, you can submit Form 15G or Form 15H to request the tenant to not deduct TDS (applicable from 1 April 2019). TDS is deducted on insurance commission, if it exceeds Rs 15000 per financial year.
What is the last date of submission of 15G form?
30th June, 2021
6) Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021, which was originally required to be uploaded on or before 15th July, 2021, and subsequently by 31st August, 2021, as per Circular No. 12 of 2021 dated 25.06.
What is the last date to submit 15G?
Due Date of 15G/15H Form
| S.No. | Scenarios | Original Due Date |
|---|---|---|
| 1 | For 15G/H Received from 1/04/2021 to 30/06/2021 | 15/07/2021 |
| 2 | For 15G/H Received from 01/07/2021 to 30/09/2021 | 15/10/2021 |
| 3 | For 15G/H Received from 01/10/2021 to 30/12/2021 | 15/01/2021 |
| 4 | For 15G/H Received from 01/01/2022 to 31/03/2022 | 30/04/2022 |
Is it mandatory to fill Form 15G for PF withdrawal?
Employees having 5 years of continuous service can make tax-free withdrawal from their PF account. However, if the withdrawal made before 5 years of service is more than Rs. 50,000 or Form 15G or Form 15H is not submitted it is subject to tax or TDS.
Who is eligible for 15G?
Eligibility criteria for submitting Form 15G You are an individual or a person other than a company or a firm. You must be a resident Indian for the applicable Financial Year. Your age should be 60 years or less than. Tax liability calculated on the total taxable income for the Financial year is zero.