How No Income Tax Work

2008-06-23 12:10:07

( Financial )



People who have no earnings and no sources of income will pay no income tax. Those who are in the no income category are students and unemployed people. There are also people who cannot verify their income due to the fact that they may not have a regular employment or that their sources of income are not fixed. They are eligible for no income tax payment if they are in the low income bracket.

Businesses pay their taxes based on the profits. So if a company did not make a profit, then it should have no income tax. It is advisable for businessmen to file for a no income tax so that they may not be prosecuted for not paying income tax. They must go through a procedure that verifies that they did not make any money the previous year.

People who have no verified income but need a loan may apply for no income verification loan. Applicants who are accepted by the no income verification loan are not required to state their income. It will also be easier for applicants to acquire the no income verification loan if they pay for a 10% down payment of their purchase. They should not have a history of bad credit and late payments.

No income no asset is a type of mortgage applicants may apply for. Only the most credit worthy of applicants may be eligible for this type of loan. One of its eligibility requirements is they should have a source of income whether it’s from a business or from a salary.

If you have no proof of income, you may still apply for a loan. There are still lenders who will assist you on your loans even if you have no proof of income. But these are primarily for self-employed individuals. Even if you have no proof of income, you must be able to show a proof of trading. It is always better to apply for loans if you have a good credit history. But there are still lenders who will give you loans even if you had a bad credit history. But they may not be as easy to apply for and not very convenient for the applicant.


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