In order to bring more and more people under the purview of income tax, the Central Board of Direct Taxes has included some more people in the list of income tax return filers. These are people whose income is not subject to income tax. But, now they also have to file ITR. In this regard, CDBT has issued a notification on 21st April.
According to the Income Tax Rules, 1962, it is mandatory for people whose income is more than the tax exemption, it is mandatory to file ITR. Apart from this, the government has also imposed some other conditions, under which people also have to file ITR. Now four new terms have been added to this list.
In the year 2019, the government had amended the list of mandatory ITR filers. Then the government made it mandatory to file income tax returns for people who have deposited one crore or more in their current bank account in a year, have spent more than two lakh rupees on foreign travel or have spent more than one year. Should have paid an electricity bill of more than one lakh rupees. Even if the income of a person fulfilling any of these conditions is not covered by income tax, he is still required to file an income tax return.
Now add 4 terms to the list
According to a report by Moneycontrol, by issuing a notification on April 21, 2021, CBDT has added four more conditions to this list. These terms have become effective with immediate effect. It has been said in the notification that all the persons coming under the new conditions will have to file ITR giving information about all their income.
Business turnover more than 60 lakhs : A person who does business and his total sales, turnover or total receipts exceeds 60 lakhs in a financial year, then he will have to file ITR whether he has profit or loss in business. And even if his income does not come under the purview of income tax.
Professional Receipts: If a professional’s receipts from his profession in the previous year exceeds Rs 10 lakh, then he will now have to compulsorily file ITR. Professionals to whom this condition will apply include Architecture, Engineers, Law Professionals, IT Professionals, Accountancy, Interior Decorators, Medical Professionals, Film Artists and such persons providing services with a freelance capacity.
Tax Deduction at Source : TDS is levied on salary, contract fee, commission, dividend, service charge, sale, rent and purchase of immovable property, interest income and almost all the sources to collect tax at source itself. Now the government has also made it mandatory to file ITR for those whose total amount of TDS or tax collected at source during the financial year exceeds Rs 25,000. For senior citizens, this limit has been fixed at Rs 50,000.
For depositing amount more than Rs 50 lakh: If a person deposits Rs 50 lakh in savings accounts of the bank in a financial year, then he will also be required to file ITR, even if his total income is also not taxable. You come