CBDT notifies additional conditions for mandatory income tax return filing by persons specified under Sec.139(1)(b)
The Income Tax Act, 1961 presently mandates a specified taxpayer to file tax return if, during the tax year (a) deposited an amount in aggregate exceeding INR 10 million in one or more current accounts maintained with banks; or (b) incurred an expenditure exceeding INR 0.2 million for itself or any other person for travel to a foreign country; or (c) incurred an expenditure of an amount or an aggregate of amount exceeding INR 0.1 million towards consumption of electricity.
In regards to the powers retained to prescribe other criteria, the CBDT prescribes additional criteria for a specified taxpayer to file tax return under Income Tax Act, 1961, namely (i) whose sales, turnover or gross receipts from business exceed INR 6 million; or (ii) whose total gross receipts from profession exceed INR 1 million; or (iii) the aggregate of tax deducted/collected at source is INR 0.025 million or more (INR 0.050 million or more for an individual resident aged 60 years or more); or (iv) deposit in one or more savings bank accounts is INR 5 million or more, during the tax year.
The notification is effective from the date of its publication in Official Gazette i.e., 21st April 2022.
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