ITR Filing Update: Major Changes in ITR Filing Rules! Know the order of the Ministry of Finance

If you have not yet filed your Income Tax Return, fill it immediately. Till now the last date for filing income tax return is 31st July. Although there is a demand to increase it in many places by bringing it from social media, but, the government has clearly refused to extend its last date, that is, now you have to file income tax before July 31 in any case.

Know what the new rules say?

According to the new rule, if the sales, turnover or income in any business is more than 60 lakhs, then the businessman will have to file a return. Even if the earning of a salaried person is more than Rs 10 lakh per annum, they will still have to file ITR. Income tax return has to be filed even if the amount of TDS and TCS is more than Rs 25,000 in a year. Let us tell you that the limit of TDS + TCS has been kept at Rs 50,000 for taxpayers who are 60 years or more.

Bank deposits will also attract ITR

According to the new notification, if the amount deposited in the bank savings account is 50 lakh or more in 1 year, then such depositors will also have to file their tax return. The new rules will be considered applicable from April 21. The government believes that with the new changes, the scope of income tax filing will increase and more and more people will be able to come in the tax net.

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