If TDS/TCS Worth More Than 25K, ITR Filing Is Must
ITR Rules: The government is trying to levitate the base of taxpayers as the centre has made it clear that taxpayers must file an income tax return if their TDS/TCS exceeds ₹25000 in a fiscal year.
With the latest guidelines, the government has highlighted that the individuals who fall below the tax exemption limit will also file the ITR now. For senior citizens, the TDS/TCS limit is set at ₹50,000 or more in a fiscal year. As per the new amendment which is in effect from April 21, the individuals who have savings account balances of ₹50 lakh or more in a fiscal year will also have to file ITR.
A circular issued by the Central Board of Direct Taxes said, “These rules may be called the Income-Tax (Ninth Amendment) Rules, 2022. They will come into force on the date of their publication in the official gazette.”
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Under These Certain Conditions You Will Be Bound To File ITR Even If You Fall Below the Exemption Limit:
- If “Total sales/turnover/gross receipts” exceeds ₹60 lakh in the previous year in business.
- “Gross receipts in the profession exceeded Rs 10 lakh during the previous year.”
- “Aggregate TDS/TCS during the year is Rs 25000 or more (In the case of senior citizens an increased limit of Rs 50,000 shall be applicable).”
- “Deposits in a savings bank account are Rs 50 lakh or more during the previous year.”
- “This will be applicable for the ITR filing of FY 2021-22 (AY 2022-23).”
- “The amendment would bring many taxpayers within the purview of ITR filing requirement even with in-come less than the prescribed limit.”
This month the ITR Forms for the fiscal year 2021-22 are notified by the Income Tax Department and the Central Board of Direct Taxes (CBDT) issued a circular notifying new ITR Form 1 to Form 6.
