CBDT notifies conditions for mandatory ITR filings
Vide notification No. 37/2022, the CBDT has notified new Rule 12AB which prescribes additional conditions which mandates the filing of income tax returns despite the income being below exemption limit. Additional criteria are :
- Total sales/ turnover/gross receipts in business exceed INR 60 lacs during the previous year;
- Professional gross reeceipts are in excess of INR 10 lacs during the previous year;
- TDS/ TCS during the year is INR 25000 or more (for senior citizens, the limit of INR 50,000 is applicable);
- Deposits in savings bank account is INR 50 lacs or more during the previous year.
The said CBDT notification becomes applicable for filing of ITR for AY 2022 – 2023.