The Income Tax Department has recently i.e. on 21st April,2022 has come up with a notification prescribing certain conditions on fulfillment of which the ITR filing is mandatory.
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These conditions are provided as per section 139(1)(b) which are as under :
If the total sales, gross receipts or turnover of the business exceeds Rs. 60 lakhs during the year ;
If the total gross receipts in the profession exceeds Rs. 10 lacs during the year ;
If the total TDS or TCS during the year exceeds Rs.25000 in case of any person ;
The total deposits in saving bank account during the year is Rs.50 lacs or more during the year;
However, in case of Senior Citizen i.e. person aged above 60 years, the TDS/TCS value in point no. 3 above is Rs.50000 instead of Rs.25000.
Thus to increase the taxbase, the Income Tax Department has come up with yet another conditions for mandatory filing of Income Tax Returns.
Check if you are falling under any of the above conditions. If so, Please file your Income Tax return in time to avoid penalties etc.
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