Income Tax Return: The government has expanded the scope of income tax filing. With this move, new people have also come in the income tax bracket and they will also have to file ITR. These new rules have come into effect from April 21.
New Delhi: Income Tax Return: The government has expanded the scope of income tax filing. With this move, new people have also come in the income tax bracket and they will also have to file ITR. These new rules have come into effect from April 21.
Trying to bring more and more people under the tax net
Due to the changes made by the government, more and more people have come under the tax net. According to media reports, if the sales, turnover or income in your business is more than Rs 60 lakh, then you will have to file income tax return.
Similarly, professionals earning an annual income of more than Rs 10 lakh will also have to file income tax returns.
In this situation, ITR will also have to be filed on the savings account.
According to reports, if the amount deposited in the savings account of the bank is Rs 50 lakh or more in 1 year, then such depositor will also have to file income tax return.
Night has been given to the elderly
At the same time, even if the amount of TDS and TCS is more than 25 thousand rupees in a year, you will still have to file your income tax return. In this, relief has been given to the elderly. For taxpayers of 60 years of age or more, the TDS and TCS limit has been fixed at Rs 50,000.
More people will be able to come under the purview of income tax
The government believes that these changes made in the tax bracket will increase the scope of income tax filing and more and more people will be able to come under the income tax net.
