The CBDT has notified Four additional conditions vide Notification No. 37/2022, dated 21-04-2022 under the seventh proviso to section 139(1) whereby return filing is made mandatory. CBDT inserted following Rule for specifying the four additional situations

 12AB. Conditions for furnishing return of income by persons referred to in clause (b) of sub-section (1) of section 139.–

The conditions for furnishing return of income in respect of persons referred to in clause (b) of sub-section (1) of section 139 in terms of clause (iv) of the seventh proviso to sub-section (1) of section 139 shall be the following, namely: –

(i) if his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year;

(Business Turnover >Rs.60 Lakhs in RPY)

OR

(ii) if his total gross receipts in profession exceeds ten lakh rupees during the previous year;

(If Professional Gross Receipts >Rs.10 Lakhs in RPY)

OR

(iii) if the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is twenty-five thousand rupees or more; (if 26AS TDS+TCS deducted>Rs.25,000 in RPY)(For Sr. Citizen >= Rs.50,000)

OR

(iv) the deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year:

(If Agg. Deposits in all Saving Bank A/c >=Rs.50 Lakhs in RPY)

Provided that in the case of an individual resident in India who is of the age of sixty years or more, at any time during the relevant previous year, the provision of clause (iii) shall have effect as if for the words “twenty-five thousand”,  the words “fifty thousand” had been substituted.’. 

ITR filing is mandatory in Below 9 situations  after considering amendment by Notification No. 37/2022, dated 21-04-2022 

  • If your income (Before below Exemptions/Deductions) exceeds the basic exemption limit (General Provisions-Us/-139(1)(b))

Exemption from capital gains under section 54, 54B, 54D, 54EC, 54F, 54G, 54GA or 54GB.Deduction under Section 80C to 80U.

  • If you have assets outside India

It is mandatory for an individual to furnish a return of income if he:

1. holds any asset (including any financial interest in any entity) located outside India (as a beneficiary or otherwise);

2. has signing authority in any account located outside India; or

3. is a beneficiary of any asset (including any financial interest in any entity) located outside India.

This provision shall apply to resident and ordinary resident(R&OR) individuals in India (General Provisions -4th Proviso)

  • If you deposit more than Rs 1 crore in a bank account

An individual shall file his return if he has deposited Rs 1 crore or more in one or more current accounts maintained with a bank during the previous year. (Added by Finance Act 2019 w.e.f A.Y 2019-20)

No reference has been made for the deposit made in the current account maintained with a Post Office. Thus, if an individual is depositing more than Rs 1 crore in a current account with a post office and his income is less than the maximum exemption limit, he may not be required to furnish his return.

  •  If you incur Rs 2 lakh on foreign travel

An individual will file his return if he has incurred more than Rs 2 lakh on travel to a foreign country, either for himself or for any other person during the previous year. (Added by Finance Act 2019 w.e.f A.Y 2019-20)

  • If your electricity consumption is Rs 1 lakh

An individual shall file his return if he has incurred more than Rs 1 lakh on electricity consumption during the previous year. (Added by Finance Act 2019 w.e.f A.Y 2019-20)

  • If turnover of your business is more than Rs 60 lakh

An individual must file his return if total sales, turnover, or gross receipt of the business exceeds Rs 60 lakh during the previous year. (Added by Notification No. 37/2022, dated 21-04-2022 w.e.f A.Y 2022-23) 

  • If gross receipt from profession is more than Rs 10 lakh

An individual shall file his return if the total gross receipt of the profession exceeds Rs 10 lakh during the previous year. (Added by Notification No. 37/2022, dated 21-04-2022 w.e.f A.Y 2022-23) 

  • If TDS and TCS is Rs 25,000 or more (For Sr. Citizen Rs 50,000 or more)

An Individual (age less than 60 years) is required to file his return if the aggregate amount of tax deducted at source (TDS) and tax collected at source (TCS) in his case during the previous year is Rs 25,000 or more. For age 60 years or more limit is Rs 25,000 or more (Added by Notification No. 37/2022, dated 21-04-2022 w.e.f A.Y 2022-23) 

  • If deposit in a saving bank account is Rs 50 lakh or more

An individual shall file his return if the aggregate deposit in one or more savings bank accounts is Rs 50 lakh or more during the previous year.(Added by Notification No. 37/2022, dated 21-04-2022 w.e.f A.Y 2022-23)

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