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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.

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I am qualified chartered accountant, engaged in practice and having experience in Income Tax return filing, tax audit, Goods & Services Tax return filing, GST audit, various registration and incorporation etc. I believe in help to each other in our society in the way as much as possible. View Full Profile

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April 2024