TallyPrime Auditor License (Renewal) (Multi User)   TallyPrime

  TallyPrime Silver Renewal (Single User)   TallyPrime Silver New Licence (Single User)   TallyPrime Gold New Licence (Multi User)   Purchase
Tally on
Open DEMAT Account with in 24 Hrs and start investing now!
Direct Tax »
Open DEMAT Account in 24 hrs
 How to fill your income tax return for this assessment year ITR 2022-23
 ITR: Earning Below Taxable Limit? Still have to File Income Tax Return in These Cases
 New TDS Rule From July 1 To Affect Doctors, Social Media Influencers: All You Need To Know
 CBDT issues guidelines on TDS applicability on non-salary perquisites
 File ITR to avoid TDS/TCS deduction at higher rate, say analysts
 ITR filing is mandatory in 10 situations Check if you fall in any of them
 Income Tax Alert! Not filed ITR? Get Ready To Pay Higher TDS in FY 2022-23
 Missed ITR filing for FY 2020-21? You may be liable for higher TDS in current FY 2022-23
 CBDT lays out guidelines for manual scrutiny of income tax returns
 CBDT issues Guidelines for Compulsory Selection of Income Tax Returns
 Deposited more than 50 lakhs to saving accounts this financial year? You must file ITR
 Net direct tax collection reaches highest-ever figure in FY 22
  Here s how to check your refund status online Income Tax Refund
 You can disclose capital gains from mutual funds and shares in ITR-4 Your Queries - Income Tax

Deposited more than 50 lakhs to saving accounts this financial year? You must file ITR
May, 12th 2022

If you are making deposits aggregating more than 50 lakhs in one or more savings bank accounts in a financial year, you are required to mandatory file your returns.

Recently, Central Board of Direct Taxes (CBDT) issued a notification on 21st April, 2022.

According to the Income Tax Rules, 1962, it is mandatory for people whose income is more than the tax exemption, it is mandatory to file ITR. Apart from this, the government has also imposed some other conditions, under which people also have to file ITR. Now four new conditions have been added to this list.

Here are four conditions under which you have to file ITR giving information about all their income.

Business Turnover

If you are running a business and your total sales, turnover or gross receipts, in the business exceeds Rs 60 lakh during the financial year, you need to file the return.

This is irrespective of whether there is a loss or profit in your business.

Professional receipts

If you are a professional and your total gross receipts in profession exceeds Rs 10 lakh during the previous year; you are mandatorily required to file ITR. “Income from profession is recognised as the gross receipts earned by the professionals coming under the certain professional activities as per the IT Rules like architectural, engineering, legal, IT Professional, Accountancy, Interior Decorator, Medical, CS, Film Artists and Technical Consultancy – provided they are provided the said services in free-lance capacity,” said Jain.

Tax deducted at source

In order to collect tax at source, TDS is levied on incomes earned from salaries, contractual fee, commissions, dividends, services charges, sale, rent and purchase of immovable property, interest income and almost all sources. The rate of TDS varies based on the source of your income and it ranges between 1% to 30%.

Government has now made it mandatory for the income tax assessee to file income ITR if the aggregate amount of TDS or tax collected at source during the financial year, exceeds Rs 25,000. However, this limit is Rs 50,000 in case assessee is a senior citizen (above age of 60 years).

Deposit in saving bank accounts

If you make deposits aggregating more than Rs 50 lakh in one or more savings bank accounts in a financial year, you are required to mandatorily file your returns.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2022 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting