ITR : Many people do not file Income Tax Return because they feel that their salary is too low. At present, tax exemption is available on income up to Rs 2.5 lakh per annum. More than this comes under the purview of annual income tax. However, there are certain conditions under which it is necessary to file income tax return even if the income is less than the taxable limit.
Regarding these conditions, the Central Board of Direct Taxes (CBDT) had issued a notification in April this year. These have been included in the Income Tax (Ninth Amendment) Rules, 2022. In these, it has been told about the conditions on the application of which it is mandatory to file income tax return even if the annual income is less than the prescribed limit.
These include the condition of TDS and TCS. TDS stands for Tax Deducted at a Source. TCS stands for Tax Collected at Source. According to the new rule, if the total TDS or TCS of a person in a financial year is Rs 25,000 or more, then it is mandatory for him to file income tax return. Even though his total income comes under the purview of tax exemption.
Let us go through all the conditions under which it is mandatory to file ITR:
If the total sales, turnover or gross receipts of a businessman in the previous financial year is more than Rs 60 lakh, then he has to file ITR.
It is necessary to file ITR if the total gross receipts in the profession in the previous financial year is more than Rs 10 lakh.
If TDS or TCS is Rs 25,000 or more in a financial year then it is necessary to file ITR. TDS or TCS in case of senior citizens is Rs 50,000.
If the total deposits in any one or more savings accounts in the previous financial year are Rs 50 lakh or more, then ITR has to be filed.
The last date for filing income tax returns is approaching. Therefore, it is important for you to check whether you fall within the purview of the above mentioned conditions or not. Tax and investment expert Balwant Jain said, “The Income Tax Department wants to widen the scope of the taxpayers. That is why it has introduced new provisions.”