According to the changes made by the Income Tax Department, if a person has deposited Rs 50 lakh or more in his savings bank account in a financial year, then it is necessary for him to file ITR according to his income.
The government has recently made a big change regarding the Income Tax Return (ITR). If your income is less than the basic exemption limit and you have not filed ITR till now, then it is not necessary that you will be able to do so in future also.
It is possible that due to these changes, the Income Tax Department may impose a penalty on you for not filing ITR. That’s why it is important to know about these changes.
According to the changes made by the Income Tax Department, if a person has deposited Rs 50 lakh or more in his savings bank account in a financial year, then it is necessary for him to file ITR according to his income.
Return filing necessary on 25 thousand TDS
Similarly, if your TDS or TCS in a financial year is 25 thousand rupees or more in total, then it has become necessary to file ITR. Even if the total annual income is less than the basic exemption limit. A Moneycontrol report quoted Economic Times as saying that the TDS or TCS limit for senior citizens has been kept at Rs 50,000.
Will be applicable on the filing of 2021-22
Apart from this, it has been made mandatory to file ITR even if the total turnover of the business during the previous financial year is more than Rs 60 lakh and the total receipts from the profession is more than Rs 10 lakh. According to Abhishek Soni, CEO of ITR filing website Tax2Win, this change will be applicable for ITR filing of FY 2021-22.
Number of people filing ITR will increase
According to Sujit Bangar, founder of TaxBuddy.com, with this move of the government, more and more taxpayers will file ITR. This is a very strict step. Its purpose is to identify those people who do transactions of high amount but do not file ITR.
The Central Board of Direct Taxes (CBDT) had recently issued a circular in this regard. in the circularIncome Tax(Ninth Amendment) Rules, 2022.
