New Income-tax Notification for Return filing

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