Savings Bank Deposit is Rs 50 Lakh or more? Now be ready to File your ITR
ITR filing has been made compulsory for a person other than a company or a firm whose deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more 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.
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 if your Savings Bank Deposit is Rs 50 Lakh or more.
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