Income Tax Return: If you also pay tax, then this news is very important for you. The Finance Ministry has changed the rules for filing tax. Now the return will have to be filed on more than 50 lakh deposits or more than 25 thousand TDS + TCS in the bank annually. Let’s know about the rules.
New ITR Filing Rules: If you are also a tax payer then this news is very important for you. The government has changed the rules for filing tax returns. Actually, the government has increased the scope of income tax filing to bring more people into the tax bracket. The Ministry of Finance has given this information.
Finance Ministry issued orders
According to this notification issued by the Ministry of Finance, now people with different income groups and income will also have to file income tax return. Under the new rule, now more and more people can be brought under the tax net. These new rules will be considered effective from April 21.
Know what the new rules say?
According to the new rule, if the sales, turnover or income in any business is more than 60 lakhs, then the businessman will have to file a return. Even if the earning of a salaried person is more than Rs 10 lakh per annum, they will still have to file ITR.
Income tax return has to be filed even if the amount of TDS and TCS is more than Rs 25,000 in a year. Let us tell you that the limit of TDS + TCS has been kept at Rs 50,000 for taxpayers who are 60 years or more.
Bank deposits will also attract ITR
According to the new notification, if the amount deposited in the bank savings account is 50 lakh or more in 1 year, then such depositors will also have to file their tax return. The new rules will be considered applicable from April 21..
The government believes that with the new changes, the scope of income tax filing will increase and more and more people will be able to come in the tax net.
