If an individual is a senior citizen, then for him this limit is 50 thousand rupees. Akanksha Goyal, Direct Tax Partner, TR Chadha LLP, said that if an individual has more than Rs 50 lakh deposited in his savings bank account, then it is also necessary to file income tax return. He should be in any tax bracket or in the tax exemption category. For that it is necessary to file the return.
The seventh provision was included in section 139 of the Finance Act 2019. Certain criteria have been included under this provision, in which return filing has been made mandatory for an individual. If 1 crore or more is deposited in someone’s current account. More than Rs 2 lakh is spent on foreign expenditure. Electricity bill is deposited more than 1 lakh rupees in a year. Compulsory filing of return is mandatory in these cases.
According to the latest notification issued by the Income Tax Department, CBDT has notified Rule 12AB. Under this rule, it is necessary for an individual to file a return even if the income is less than the exemption limit. A few things have been included in this rule. If the total sales, turnover or gross receipts for a business is more than 60 lakhs, then it is necessary to file the return.
If the professional receipt in any financial year is more than 10 lakhs, then it is necessary to file the return. It is necessary to file return if TDS, TCS collection is more than 25 thousand. It is necessary to file a return if there is more than 50 lakh deposits in the savings bank account. This rule of CBDT will be applicable for the financial year 2021-22 for which the assessment year will be 2022-23.
