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Team Studycafe | Jul 30, 2022 | Views 2

ITR Filing: Major Changes in ITR Filing Rules; Let’s Know Finance Ministry New Order

ITR Filing: Major Changes in ITR Filing Rules; Let’s Know Finance Ministry New Order

The Income tax return filing last date for the Financial Year 2021-22 (AY 2022–2023) for a Non-Audit case is July 31, 2022.

Lots of rage showed on social media to extend the deadline of ITR Filing for FY 2021-22, and various representations were also submitted before the Hon’ble Finance Minister.

But, Union Revenue Secretary Tarun Bajaj had made it clear that the government does not have any plan to extend the deadline. “So far, there is no thinking of extending the last date of filing,” Mr. Bajaj wrote at his Twitter handle.

As the Government is not planning for an extension of deadlines. To prevent any fines, penalties, and legal repercussions, taxpayers must electronically submit their ITR for the financial year 2021–2022 prior to the deadline.

What the new rules say? Let’s know

The new income tax rules states that any business with sales, turnover, or income above Rs. 60 lakhs must file a return. Even if a salaried person earns more than Rs 10 lakh annually, they must still file an ITR. Even if the total TDS and TCS for the year exceed Rs 25,000, an income tax return must still be filed. Let us inform you that the TDS + TCS cap has been maintained at Rs 50,000 for taxpayers 60 years of age or more.

Deposits in banks will also attract ITR

The new notification states that depositors will also be required to file their tax returns if the amount deposited in their bank savings account is Rs.50 Lakh or more in one year. Beginning on April 21, the new regulations will be deemed in effect. The government believes that with the new changes, the scope of income tax filing will increase and more and more people will be able to come in the tax net.

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