Paying electricity Bills more than 1 Lakh? Ensure you file your Income tax returns..

As per the earlier provisions of the Income-tax Act, you have to file your Income-tax returns only if your income is above taxable limits.

To check the tax evasion and also to improve the tax compliance, the Income-tax department has introduced a new provision in Income-tax requiring certain class of persons to file the Income-tax returns mandatorily.

As per Budget proposals 2019 , a new Proviso to section 139 of the Income-tax Act has been introduced.

As per this provision, the following persons have to mandatorily file the return of income , irrespective of whether their income is below taxable limits or above taxable limits :-

  1. If you have deposited an amount or aggregate of the amounts exceeding Rs. 1 crore in a Current account maintained with any bank (including co operative bank accounts). This is applicable even if you split your deposits to multiple current accounts.; or
  1. If you have incurred an expenditure on account of Electricity charges exceeding Rs. 1 lakh ; or
  1. If you are incurring Travel expenditure to foreign country exceeding Rs 2 lakhs either for himself or for others; or
  1. If you fulfil any other conditions as prescribed by Income-tax department in this regard, from time to time; or
  1. If you are claiming any deduction under various provisions of section 54 (Exemption from Capital gains under section 54, 54EC, 54 F,54B,54D,etc.,) towards exemption from Long Term Capital Gains.

 Remember this is applicable even if your Net income is below taxable limits.

File your Income-tax returns correctly Ensure Peace of mind.

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