Is filing an income tax return mandatory for a sole proprietorship firm if it doesn’t have any taxable income?

Sole Proprietorship is not required to file ITR if its income is below exemption limit.

Meaning thereby it is required to file ITR only if income exceeds exemption limit i.e. Rs. 250,000.

However it is recommended to file the return voluntarily for every business because regular ITR filingincreases the net worth of business and generates credibility. Also, ITR is compulsory requirement at several places like Visa application, bank loans etc.

Read more about consequences of non-filing of ITR here: https://www.legalwiz.in/blog/consequences-of-non-filing-of-income-tax-re...

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