Mandatory ITR filing for more specified Person (CBDT Notification dated 21st April 2022) II New Rule 12 AB

Posted on by Business So Simple in Income Tax

As per CBDT notification dated 21.04.2022, income tax return filing is mandatory for below mentioned persons:

1) Turnover of business exceeds Rs. 60 lakhs during Previous Years

2) Gross receipts in profession exceeds Rs. 10 lakhs during Previous Years

3) TDS and TCS of a person is or exceeds Rs. 25,000/- during Previous Years ; (Rs. 50, 000 for individual resident who has age of 60 years or more

4) Aggregate deposit in one or more SB account is Rs. 50 lakhs or more during Previous Years.

Applicable from 21.04.2022.

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