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Income Tax

INCOME TAX RETURN FOR AY 2022-23
In case of Individuals, Income-tax returns has to be filed mandatorily even if income is below taxable limits, in respect of few specified situations.

Those specified situations are:

Payment of Electricity bill Exceeding Rs. 1 Lakh.
Expenditure for Foreign Travel exceeding Rs. 2 lakhs.
Deposit in Current account exceeding Rs 1 Crore

The Income-tax Department has made new inclusions in the specified situations vide Notification No 37/2022 dt. 21/04/2022

They are:

Total Sales in Business exceeding Rs. 60 Lakhs
Total receipts in Profession (Doctors, Advocates, CAs, etc) exceeds Rs. 10 Lakhs
Deposit in one or more Savings account exceeding Rs. 50 Lakhs
TDS/TCS exceeding Rs. 25000/- in your PAN (Rs. 50000/- for Senior Citizens)

If you are falling under any of these categories, please ensure you file your Income-tax returns mandatorily.

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