In case of Individuals, Income-tax returns has to be filed mandatorily even if income is below taxable limits, in respect of few specified situations.
Those specified situations are :-
- Payment of Electricity bill Exceeding Rs. 1 Lakh.
- Expenditure for Foreign Travel exceeding Rs. 2 lakhs.
- Deposit in Current account exceeding Rs 1 Crore
The Income-tax Department has made new inclusions in the specified situations vide Notification No GSR 307(E) dtd 21st Apr 2022.
They are :-
- Total Sales in Business exceeding Rs. 60 Lakhs
- Total receipts in Profession (Doctors,Advocates,CAs,etc) exceeds Rs. 10 Lakhs
- Deposit in one or more Savings account exceeding Rs. 50 Lakhs
- TDS/TCS exceeding Rs. 25000/- in your PAN (Rs. 50000/- for Senior Citizens)
If you are falling under any of these categories, please ensure you file your Income-tax returns mandatorily.
The relevant Notification is provided below