[Breaking] New ITR Filing Conditions notified by CBDT on 21.04.2022; Read Notification
Central Board of Direct Taxes (CBDT) vide Income Tax Notification No. 37/2022 dated 21.04.2022, notifies Rule 12AB by Income-tax (Ninth Amendment) Rules, 2022; Rule 12AB contains conditions for furnishing return of income by persons referred to in Section 139(1)(b) read with clause (iv) of 7th proviso to Section 139(1);
The conditions are that during the previous year:
(i) total sales, turnover or gross receipts in the business exceeds Rs. 60 Lakh; or
(ii) total gross receipts in profession exceeds Rs. 10 Lakh; or
(iii) aggregate of TDS and TCS is Rs. 25,000/- or more, but Rs. 50,000/- or more for an individual resident aged 60 years or more; or
(iv) aggregate of deposit in one or more savings bank account is Rs. 50 Lakh or more
1. Section 139(1)(b) covers every person, other than a company or a firm, with total income of his own or of any other person for which he is assessable exceeds the maximum amount not chargeable to income tax during the previous year.
2. Clause (iv) of 7th proviso to Section 139(1) provides that a person referred to in Section 139(1)(b) who is not required to furnish the return but during the previous year fulfills such other conditions as may be prescribed then he shall furnish a return of his income on or before the due date.