Do you want to file nil return?

Filing of a NIL income tax return is not mandatory if your total income is below the basic exemption limit as per the income tax act. But it is always recommended that you file an ITR if there is any source of income earned by you in a financial year.

Can I file tran1 now?

To help businesses transition smoothly and carry forward their input tax credit, the CBEC has released 2 transition forms called TRAN 1 and TRAN 2. Both these forms can be filed on ClearTax. Note: TRAN 1 can be revised only once. After rectifying no further changes can be made.

Who can file tran1?

Form TRAN-1 should be filed by every person having ITC on closing stock and migrated to GST form VAT, Service Tax, or Central Excise. The balance of closing stock held by a business as on 1st July 2017 has to be disclosed in TRAN-1 to claim ITC on the old stock in the GST regime.

How much does it cost to file nil return?

Cost: Nil through government website; Rs 180-1,500 through a private portal. Almost 80 lakh Indians filed their tax returns online last year, an 80\% jump over the previous year.

Who is eligible to file nil returns?

When a person is unemployed and doesn’t have any other source of income like rental, business, or consultancy, they are required to file nil returns. Failure to file nil returns can lead to penalties according to the Tax Procedures Act.

Is Tran 1 date extended?

Note: CBIC has extended the due date of the GST TRAN 1 form till 31st March 2020 on the consideration of technical issues faced by the registered person. The latest order has superseded the Order no. 01/2019 and now applies to the concerned taxpayers and filers.

How do I file a GST Tran 1?

1. Login and Navigate to Transitions Forms > TRAN – 1 page. Access the www.gst.gov.in URL.
2. Enter details in various tiles. There are a number of tiles representing different Tables to enter relevant details.
3. 8 – Details of transfer of CENVAT credit for registered person having centralized registration.