ITR Filing Mandatory if Professional Receipts exceed 10 lakh, even If Income is not Chargeable to Tax
Deepak Gupta | Apr 22, 2022 |
ITR Filing Mandatory if Professional Receipts exceed 10 lakh, even If Income is not Chargeable to Tax
Central Board of Direct Taxes (CBDT) vide Income Tax Notification dated 21st April 2022 has made Income Tax Return [ITR] filing compulsory for a person other than a company or a firm if his total gross receipts in profession exceed ten lakh rupees during the previous year.
As per the Income Tax Act, Filing a Return of income for a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, i.e. the slab limit.
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.
A new condition has been added to that clause, which is ITR Filing made mandatory for a person other than a company or a firm if his total gross receipts in profession exceed ten lakh rupees during the previous year.
To Read Notification Download PDF Given Below:
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