ITR Filing Mandatory now if Turnover exceed 60 lakh, even If Income is not Chargeable to Tax
Deepak Gupta | Apr 22, 2022 |
ITR Filing Mandatory now if Turnover exceed 60 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 whose sales, turnover or gross receipts, as the case may be, in the business exceeds rupees sixty lakh during the previous year.
As per the Income Tax Act, Filing 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.
Now that same has been changed. Now if your Sales Turnover is more than 60 Lakh, you are supposed to File ITR even if your Taxable Income is less than the maximum amount which is not chargeable to Income Tax.
For Official Notification Download PDF Given Below:
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