Income Tax Alert! Exemption of senior citizen is over, now the return will have to be filed, know what has changed here

Under the new directions of the Central Board of Direct Taxes (CBDT), it will be mandatory for individuals, professionals to file income tax returns, whether their income falls in the taxable limit or not. At present, the income tax exemption limit is Rs 2.5 lakh for persons below 60 years of age, Rs 3 lakh for those in the age group of 60 to 80 years, Rs 5 lakh for those above 80 years of age. Now as per the new instructions, those whose sale money is above Rs 60 lakhs. OR Profession income is above Rs 10 lakh, they will also have to compulsorily file the return.

Similarly, if a person below 60 years of age has deducted Rs 25,000 as TDS (Tax Deduction at Source) or TCS (Tax Collection at Source) annually, then he will also have to file a return. At the same time, if this deduction is 50 thousand rupees or more on the age of 60 years, then he will also have to file the return. Till now, senior citizens were required to file returns only if they had any business income.

New rules of income tax have come into force. Those whose savings account has deposited more than Rs 50 lakh in a year, they will also have to file a return. -Doctor. Malay Gupta, Chartered Accountant.

Many people have come under the ambit of returns with this new rule. This will increase the number of returnees. Keeping this in view, this order has come into force. -Doctor. Shivam Omar, Chartered Accountant.

2 thoughts on “Income Tax Alert! Exemption of senior citizen is over, now the return will have to be filed, know what has changed here”

  1. Provisions of the Income tax Act, 1961 is gonna be more complicated indeed. However, this will may apply to PY 23-24 and AY 24-25 , THE FINANCE ACT, 2023

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