Did you know that individuals must now submit income tax returns if their total income is equal to or less than 2.5 lakhs? As per a new notification released by the government of India, in certain conditions, if an individual’s income is below the basic exemption limit then he/she will have to mandatorily file ITR. In this bite, let’s have a look at the conditions in which you will have to file your Income Tax Return.
Major Changes in ITR Filing Rules :-
According to notification No. 37/2022, CBDT has notified a new Rule 12AB which prescribes additional conditions for compulsory return filing and now more income groups and individuals will be required to file income tax returns. More people will be pulled into the tax net as a result of the new reforms. Let’s hop on to the conditions specified in the notification.
During the previous year, total sales/ turnover/ gross receipts in the business exceeded Rs 60 lakh.
During the previous year, gross receipts in the profession exceeded Rs 10 lakh.
The total TDS and TCS during the previous year in the case of the person is Rs 25,000 or more (In the case of senior citizens: Rs 50,000 or more ).
During the previous year, total deposits in one or more savings bank accounts are Rs 50 lakh or more.
Date of Enforcement : – The new rules went into effect from the ITR of FY 2021-2022 (AY 2022-23) So make sure that you check whether you fall in any of the above categories to avoid any scrutiny.
The government expects that the new measures would broaden the scope of income tax reporting, allowing more people to enter the tax net.
The government expects that the new measures would broaden the scope of income tax reporting, allowing more people to enter the tax net.
