ITR Filing Rules: The IT department has directed that individuals whose total TDS/TCS (tax deducted at source/tax collected at source) exceeds Rs 25,000 in a financial year and Rs 50,000 for senior citizens should also file their ITR. is required.
The Income Tax (IT) department has recently removed several exemptions from the list of people who are required to mandatorily file their income tax returns. The deadline for filing ITR for the financial year 2021-22 (assessment year 2022-23) is July 31, 2022. In such a situation, income tax payers must check whether they are required to file income tax return or not.
If the income of a resident individual exceeds the exemption limit prescribed for the year, then that person should file ITR.
Under the new system, the exemption limit for ITR filers is Rs 2.5 lakh.
Under the old regime, the exemption limit for those below 60 years is Rs 2.5 lakh;Â 3 lakh for people between 60 and 80 years (senior citizens);Â and 5 lakhs for those above the age of 80 years (Super Senior Citizen).
Under the new system, the exemption limit for ITR filers is Rs 2.5 lakh.
Additionally, the IT department has directed that individuals whose total TDS/TCS (tax deducted at source/tax collected at source) exceeds Rs 25,000 in a financial year and Rs 50,000 for senior citizens are also required to file their ITR. the wanted.
This has been changed from the earlier rules, when senior citizens are required to file only ITR. If they have any business income.
Other mandatory filers include individuals who have deposited Rs 50 lakh or more in a savings bank account in a single year.
If the gross income of an individual exceeds the exemption limit before claiming capital gains tax exemption, persons having foreign source of income or having foreign assets, such persons who have made an aggregate of more than Rs 1 lakh in one bill or in the whole year Electricity bills of more than Rs.2 lakh have been paid, and persons who have spent more than Rs.2 lakh for traveling abroad on their own or any other person.
