How do I file nil return for the first time?

How do I file my nil tax return for the first time?

How do I apply for nil tax?

As mentioned above, you file NIL tax returns if your income in the financial year falls in the 0% income tax slab. By filing NIL returns, you declare to the IT department that your income for the year is below the minimum income tax level, and you are not liable to pay any income tax for the year.

How do I submit an Nil report?

How do I file my 0 tax return online?

Go to IRS.gov/FreeFile. Select “Choose an IRS Free File Offer” blue button. Select “Browse all offers” and look for a product that has no minimum income requirement. Select the product that best meets your needs and you will be automatically redirected to the company's website.

How to File Kra Nil Returns on Itax - Tutorial

Can I file tax return with no income?

Any year you have minimal or no income, you may be able to skip filing your tax return and the related paperwork. However, it's perfectly legal to file a tax return showing zero income, and this might be a good idea for a number of reasons.

Do I need to lodge a tax return if I have no income?

Non-Lodgement Advice

If you earn less than the tax-free threshold, you generally won't pay tax. You won't have to lodge a tax return, but you may be entitled to receive back to tax you may have paid. You'll need to lodge a tax return to receive that money.

What is a nil return?

noun. a reply of zero to a request for a quantified reply.

Who should file nil returns?

What are nil returns? Tax is paid from income earned during the taxable period. Therefore, if one doesn't earn or falls in the unemployed bracket, they file nil returns on the iTax portal. Everyone in Kenya with a valid PIN must declare their income before June 30 of the following year.

Which ITR form is used for nil return?

There is no separate form or process for filing nil tax and the entire process is similar to filing a normal return. The Form to be used remains ITR-1 Sahaj.

Can we file ITR without CA?

The new personal income tax regime, with lower rates, is expected to be so simple that you will not require the help of a chartered accountant (CA) or any other professional from next year for filing of income tax return (ITR).

How do I respond to a nil return?

If a program returns nil, a routine provides an answer, but the answer is 'nothing' or 'zero'. Also, this can mean a tax return that is completed with all values as 'zero'.

How much is KRA penalties for nil returns?

Penalty - 20% of tax involved is charged. Offence - Failure to file annual returns by the due date. Penalty - Additional tax equal to 5% of the normal tax, or Ksh. 10,000 in for Non-Individual Taxpayers.

How do I file KRA returns if not employed?

How do I pay my KRA nil return penalty?

What happens if you dont report income?

Not reporting cash income or payments received for contract work can lead to hefty fines and penalties from the Internal Revenue Service on top of the tax bill you owe. Purposeful evasion can even land you in jail, so get your tax situation straightened out as soon as possible, even if you are years behind.

How many years can you go without filing taxes?

There is generally a 10-year time limit on collecting taxes, penalties, and interest for each year you did not file. However, if you do not file taxes, the period of limitations on collections does not begin to run until the IRS makes a deficiency assessment.

What is the minimum income to file taxes in 2021?

As of the 2021 tax year, the minimum gross income requirements are: Single and under age 65: $12,550. Single and age 65 or older: $14,250. Married filing jointly and both spouses are under age 65: $25,100.

Do you have to file taxes if unemployed?

You may have received unemployment benefits or an EIP (stimulus check) in 2021 due to the COVID-19 pandemic. Unemployment compensation is considered taxable income. You must report unemployment benefits on your tax return if you are required to file.

Can I file taxes with no income to get stimulus?

Non-Filer, Zero Income: If you have zero or no income and are not normally required to file a tax return, you can just file a 2021 Tax Return to claim the 2021 Recovery Rebate Credit and be done. Instructions on how to file a zero income 2021 Tax Return to claim the third stimulus payment.

What does nil of note mean?

Use the word nil to mean "zero," especially when you're talking about scores in a sporting event: "the final score was twelve-nil." Saying nil instead of zero or nothing is much more common in Britain than in the United States.

How do you use nil in a sentence?

Is it mandatory to file income tax return below 2.5 lakhs?

A majority of people think that if their income is less than Rs. 2.5 Lakhs, they are not liable to file Income Tax Returns (ITR). However, this is a big misunderstanding; under some circumstances filing ITR is mandatory even if you earn less than Rs. 2.5 Lakhs.

Which ITR to fill for housewife?

ITR-2. ITR 2 is for the use of an individual or a Hindu Undivided Family (HUF) whose total income for the AY 2021-22 includes: Income from Salary/Pension; or. Income from House Property; or.