Background
For the Following Persons, it is compulsory to file Returns of Income Tax for Each Year
|
COMPANY AND FIRMS |
OTHER THAN COMPANY AND FIRMS |
|
All years irrespective of Income |
Income Exceeds Basic Exemption Limit |
There were certain Situations where individuals have to file Returns of Income Even if the Income does not exceed Basic exemption limit like
Made Deposit Exceeding Rs. 1.00 Crore in Current accounts; or
Has Expenditure for Foreign Travel Exceeding Rs. 200000/;-or
Expense for Electricity is more than Rs. 100000/-
During the previous Year
New Inclusions for Mandatory Filing of Return of Income: -Notification No. 37/2022
The Above List has been enhanced to make it mandatory to file Return of Income for the class of persons who satisfy any of the following conditions: -
Total Sales in Business Exceeds Rs. 60.00 Lakh; or
Total Receipts in Profession Exceeds Rs. 10.00 Lakh: or
Aggregate of TDS and TCS in 26AS is Rs. 25000/- or more, for senior citizens it will be Rs. 50000/- of more.
Deposit in saving accounts is Rs. 50.00 Lakh or More; or
During the previous year.
By CA Karam Bir Lathwal
Comment: