ITR Filing Eligibility : Who can file ITR? All you need to know You must still pay tax if you meet certain requirements even though your taxable income is below the threshold level
Even if your taxable income is below the threshold limit, you must still pay tax if you meet certain conditions. If your income exceeds the basic exemption limit, it is required that you file income tax returns under Indian tax. regulations.Here is a look at who has to mandatorily file ITR.
What is the basic exemption limit?
If an individual opts for the new, concessional income tax regime for FY 2021-22 (AY 2022-23), then the basic exemption limit will be Rs 2.5 lakh, irrespective of the age of the individual taxpayer. Senior citizens and super senior citizens do not get any benefit of higher exemption limit.
For FY 2021-22, the basic exemption limit under old income tax regime is as follows:
The Income-tax (Ninth Amendment) Rules, 2022, via a notification from the Central Board of Direct Taxes (CBDT) on April 21, 2022, listed the new circumstances under which filing an income tax return is required even if the individual's income is below the basic exemption amount.
According to the notification, “In the Income-tax Rules, 1962, after rule 12AA, the following rule shall be inserted, namely:- '12AB. Conditions for furnishing return of income by persons referred to in clause (b) of sub-section (1) of section 139.– – The conditions for furnishing return of income in respect of persons referred to in clause (b) of sub-section (1) of section 139 in terms of clause (iv) of the seventh proviso to sub-section (1) of section 139.”
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Who has to file ITR? Check these 9 points
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Who has to file ITR? Check these 9 points
Who has to mandatorily file income tax return?
There are certain instances where ITR filing is mandatory for individual taxpayers.
Point 1
Your gross total income (before deductions and exemptions) exceeded the basic exemption limit of Rs.2.5 lakh (Rs.3 lakh for senior citizens and Rs.5 lakh for very senior citizens under the old tax regime).
Point 2
Your total sales, turnover, or gross receipts in business exceeded Rs.60 lakh.
Point 3
Your total gross receipts from profession exceeded Rs.10 lakh.
If any of the below criteria are met, such people must pay income tax, even if their income is below the tax threshold.
Sales turnover Rs. 60 lakh and above
If a person's annual total sales, turnover, or gross receipts in their business surpass Rs. 60 lakh, they are required to file an income tax return.
Professional income exceeding Rs 10 lakh
The individual must file an ITR if the sum of their professional gross revenues for the preceding year exceeded Rs 10 lakh.
TDS or TCS exceeds Rs 25,000
A tax return for the year must be filed if TDS or TCS totaled Rs 25,000 or higher. This rule will apply to senior citizens if their combined TDS or TCS is Rs 50,000 or greater each fiscal year.
Account deposited with at least Rs. 50 lakh
A person must file an income tax return if they deposited at least Rs. 50 lakh in one or more savings accounts during the previous year.
Under the seventh provision of Section 139 (1) of the Income Tax Act, 1961, below are the conditions;
Amounts exceeding Rs. 1 crore in bank account
who has deposited an amount or aggregate of amounts exceeding Rs. 1 crore in one or more current accounts maintained with a bank or co-operative bank.
Spending above Rs. 12 lakh on a foreign country travel
who has spent an amount or aggregate of amounts exceeding Rs. 2 lakh for themselves or any other person to travel to a foreign country.
Electricity bill exceeding Rs. 1 lakh
who has paid an electricity bill exceeding Rs. 1 lakh in a single bill or on an aggregate basis during the financial year.
Where there is a income from foreign sources
Ordinarily resident individuals who are having income from foreign sources.
When gross total income is higher than the exemption
If a person's gross total income is higher than the exemption threshold before obtaining a capital gains tax break under sections.
( Originally published on Jul 27, 2022 )
This story originally appeared on: India Times - Author:Tax Cognition
