InvestorQ : kya loss hone per gst refund ho Sakta hai
Virendra Singh made post

kya loss hone per gst refund ho Sakta hai

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Mary Joseph answered.
1 year ago
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Yes. If an assessee (one who pays tax) incurred a loss of income in a year, then you can avoid filing your income tax returns for that particular assessment year.
Under Section 139(3) of the Income Tax Act, this rule is applicable only for individuals have to file ITR even in the event of a loss.
If an assessee is a person involved in business or self-employment, firms, companies have to file an ITR even if they have suffered losses.
As an assessee, you must keep a close check if you are making your claim within the time limit.
However, it is always advisable to file your returns either loss/nil to maintain financial records consistently.
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