Every Year the CBDT is widening the Tax net and to get more people to file income-taxes, the government added four new criteria that makes it mandatory for individuals to file income-taxes.
Presently, according to Income-tax Rules, 1962, it is compulsory to file your income tax returns (ITR) if your income is more than the basic exemption limit or the assessee falls under any of the other conditions which makes it mandatory to file ITR.
Every year Government is adding more and conditions to this. For instance, in 2019, the government had mandated that filing of income-tax returns if you deposit Rs 1 crore or more in a current account, spend more than Rs 2 lakh for foreign travel or pay electricity bills in excess of Rs 1 lakh in a year. As per the New rules even if your income is less than the basic exemption limit, you still got to file your income-tax returns if you meet any of these criteria.
Adding more to this list of conditions, Central Board of Direct Taxes (CBDT) issued a notification dated 21 April, 2022 adding four new conditions, which makes it mandatory to file ITR. New condition notified by CBDT comes into effect from 21 April, 2022.
Here are the Conditions, when you need to file your return irrespective of you Income –
- Business Turnover – exceed Rs. 60 Lakhs during the Financial Year;
- Professional receipts – exceeds Rs 10 lakh during the Previous year;
- Tax deducted at source – if the aggregate amount of TDS or tax collected at source during the financial year, exceeds Rs 25,000. However, this limit is Rs 50,000 in case assessee is a senior citizen (above age of 60 years);
- Deposit in saving bank accounts – deposits aggregating more than Rs 50 lakh in one or more savings bank accounts in a financial year
All of these above conditions are standalone and makes it mandatory for an assessee to file income tax return if any of the conditions are met.
