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Following Persons now required to file ITR compulsorily- CBDT Notifies

Following Persons now required to file ITR compulsorily- CBDT Notifies

Following Persons now required to file ITR compulsorily- CBDT Notifies

 

You might be aware that a person is not required to file Income Tax Return if his/her total income is less than Rs. 2,50,000. However, there are many exceptions to this rule. The Income Tax Act allows the CBDT to notify the category of persons in whose case it is compulsory to file income tax returns irrespective of the total amount of income earned by them.

The Government has been constantly striving on increasing the base of taxpayers in the country. To fulfill this objective, the CBDT recently issued a Notification dated 21st April 2022 notifying further categories of persons who will be required to compulsorily file their ITR on the e-filing portal of the Income Tax Department. Please check the list below and if you fall in the notified category, don’t forget to file your income tax return online for A.Y. 2022-23 (FY 2021-22) and subsequent years.

 

Persons required to file ITR compulsorily

  • If turnover or gross receipts in the business is more than Rs. 60 Lakhs during the financial year
  • If gross receipts in the profession are more than Rs. 10 Lakhs during the financial year
  • If TDS/TCS credit in Form 26AS in your case is Rs. 25,000 or more during the financial year (Rs. 50,000 in the case of senior citizens)
  • If deposits in one or more savings bank accounts of the person in aggregate are Rs. 50 Lakhs or more during the financial year

 

 

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