The government has now made it mandatory to file ITR for many people who do not have to pay income tax on their income. The government has taken this step to bring more and more people under the purview of income tax.
New Delhi. In India, it is believed that people whose income does not come under the purview of Income Tax, there is no need to file Income Tax Return (ITR). People consider filing ITR as a burden without any reason. This is the reason that very few people who are outside the purview of paying income tax file ITR. However, there is no harm in filing ITR, but it is beneficial.
At present, tax is not to be paid on annual income up to 2.5 lakhs. Therefore, filing ITR is also not mandatory for such people. But, it is also not that all the people who are not in the purview of paying income tax do not have to file ITR. The government has now made it mandatory to file ITR for many people who do not have to pay income tax on their income.
Notification was issued in April
The Income Tax (9th Amendment) Rule, 2022 has been made to bring more people under the purview of income tax. The Central Board of Direct Taxes (CBDT) had issued a notification in April this year about those people for whom filing ITR has now been made mandatory. These are people whose income is not subject to income tax. Experts say that the Income Tax Department has made new provisions only to bring more and more people under the purview of income tax.
Now they also have to file ITR
If a businessman’s total sales, turnover or gross receipts exceeds Rs 60 lakh in the previous financial year, then he will have to file ITR even if his income is not taxable. If the total gross receipt of a professional from his profession in the last financial year is more than Rs 10 lakh, then he will also have to file ITR this time.
In a financial year, if the TDS or TCS of a person is Rs 25,000 or more, then he will also have to file ITR, even if his income comes under tax exemption. The limit of TDS or TCS in case of senior citizen is Rs.50,000. Similarly, if a person has a total deposit of Rs 50 lakh or more in one or more savings accounts in the previous financial year, then he will also have to file ITR this time.
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