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I'm an Indian citizen who recently completed his studies. My friend, who is a Portuguese citizen invited me to her place in Portugal. She is a Portugal citizen and is working there. She is going to sponsor me for my trip and accommodate me at her place.
As a student I cannot show huge bank balances and income tax returns. Can I still apply for a tourist visa for one week? What are the chances of my visa being approved or refused?
Nothing is stopping you from applying.
What your application will have to do, however, is provide enough evidence that you will be covered.
So you'll want to include all relevant information, and perhaps a cover letter explaining your plans, your accommodation (your friend's contact details will be essential).
If the application asks for anything, even your bank balances and tax returns - you must still include them. If you don't, you'll get refused. It's one of the criteria for applying, but having a low bank balance is not the full picture for getting refused, so you must include it if asked. They'll look at it, and then look at the situation, and possibly contact your friend. If they're satisfied you'll be covered during your stay there (do you have travel insurance as well, perhaps?) then they may well approve it.
However, as with any visa application, the only person who can say for sure if it'll be accepted is the person processing it.
