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.

Author Bio

Qualification: CA in Practice
Company: Ankit Mahendra & Associates
Location: New Delhi, Delhi, India
Member Since: 13 Jul 2020 | Total Posts: 17
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

My Published Posts

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Telegram

taxguru on telegram GROUP LINK

Review us on Google

More Under Income Tax

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

August 2022
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031