As per the latest Notification No. 37/2022 of Income Tax department dated 21.04.2022, income tax return filing is mandatory for below mentioned persons:
1. Total sales, turnover or gross receipts in the business exceeds INR 60 Lacs; or
2. Total gross receipts in profession exceeds INR 10 Lacs; or
3. Aggregate of withholding taxes (TDS and TCS) is INR 25,000/- or more, but INR 50,000/- or more for an individual resident aged 60 years or more; or
4. Aggregate of deposit in one or more savings bank accounts is INR 50 Lacs or more.
Apart from above, there are some other criteria as well as a result of which filing of return is already made mandatory for following categories of the taxpayers as under:
- Deposit of INR 1 crores or more in one or more current accounts with a banking company or co-operative bank;
- Expenditure of INR 2 Lacs or more on foreign travel expenses either for himself or for any other person;
- Expenditure of INR 1 Lacs or more towards consumption of electricity.
