New income tax rule 2022: ITR Filling compulsory for below 2.5 lakh [step by step]

ITR Filling compulsory

What used to happen till now is that it was mandatory for you to file income tax return only if your income was more than the basic exemption limit.

That is, if your income was more than Rs 2.5 lakh, then only you were required to file ITR and for senior citizens, if their income was more than Rs 3 lakh, then only they had to file income tax return and with the same There were three such conditions, even if you fulfill any one of those 3 conditions, it used to be compulsory for you to file income tax return.

But just a few days ago, a notification has been issued by the Income Tax Department, in which along with those three conditions, four more conditions have been given.

That is, now adding the total will be seven conditions. Even if you fulfill any one of those 7 conditions, it will be mandatory for you to file ITR of Income Tax Return.

Even if your income is less than 2.5 lakh rupees, no matter how much income you have. If you fulfill any one of those seven conditions, then filing ITR will become compulsory. The notification which has been issued by the Income Tax Department.

There are four conditions.

first condition

ITR Filling compulsory

The first condition is if your total turnover or sales exceeds ₹ 60 lakhs in a year or your sales exceeds sixteen lakhs, then it will become compulsory for you to file income tax return. ITR Filling compulsory

Whether you are involved in any type of business. If your sales are more than ₹ 60 lakh in a year, then it will be compulsory for you to file ITR.

How can you file ITR :

You can file the accounting of section 44AD, you will have to declare eight percent income on the cash sales above the persumptive income. That is, eight percent minimum of 60 lakhs, you will have to declare your income in 4,80000.

If the money comes in the bank, then you can declare 6% income there.

Second Condition :

The second condition is, if you are a professional and your gross receipts exceed ₹ 10 lakh in a year, then you will also be required to file income tax return.

Who can be a professional now? Provide any type of service such as a doctor or an accountant or an engineer. ITR Filling compulsory

Be it a photographer or provide any kind of service, those people also come under the category of a professional and that professional, if their one year gross receipt exceeds ₹ 10 lakhs, then they also have to file income tax return compulsory.

third point :

The third point is if your TDS is deducted or your TCS has been collected, then in that condition if your total amount of TDS in a year exceeds 25,000 then you have become compulsory to file income tax return.

ITR Filling compulsory

The limit of 25000 for senior citizens has been kept at 50000. What do many people think, if their payment is coming from anywhere? From there TDS gets deducted. They think that our TDS has already been deducted. Now we do not need to file ITR, so this does not happen. ITR Filling compulsory

Now the gov has set limit of 25000 i.e. if it is more than this, then you will have to file ITR compulsory. But what shall we suggest to you? Even if your 1,000 TDS is deducted somewhere, you should still file your income tax return, because if your income is less than the income tax limit i.e. slab limit, then you will claim refund of it.

If your income is more than the limit, then you have to adjust your tax according to that rate. If you have a higher tax demand, then you may have to pay additional tax as well.

fourth point :

The fourth point. Even if you make a cash deposit of more than ₹ 50 lakh within a year, including the total in your savings account, it has become compulsory for you to file income tax return.

If you have so many savings accounts, If the cash deposits by adding all account crosses 50 lakhs within a year, then it has become compulsory for you to file income tax return. ITR Filling compulsory

Before now, there was a rule on it which was about this specific financial transaction. That is, if you make a cash deposit of more than ₹ 10 lakh in a year in your savings account, then that bank used to give your information to the Income Tax Department in advance.

ITR Filling compulsory

if you deposit more than 10 lakhs, then your information will automatically come to the Income Tax Department. So do not think that if you deposit more than 50 lakhs in cash and the Income Tax Department will not know, then this will not happen.

If you have made more deposits than cash deposits, then filing income tax return becomes compulsory. These were the four points that have just been added recently, before those three points were already there.

Let us also get to know them once quickly. One, if you deposit the same cash of more than ₹ 1 crore in your current account itself, the limit of the current account was already decided like the savings account. ITR Filling compulsory

If you deposit more than Rs 1 crore in cash, then it was mandatory to file ITR.

Now this point has also been brought on the savings account and apart from this there was another point if you travel abroad or family member travels or you are hosting on anyone.

If you are spending on someone, then if that person is spending more than ₹ 2 lakh in foreign travel, then filing income tax return becomes compulsory for him too.

This rule exist Already and the third point was if you consume electricity more than ₹ 1 lakh in a financial year. if the electricity bill that comes to you exceeds ₹ 1 lakh in one year, then it was also compulsory to file income tax return.

These three points were ALREADY and the four new ones that have been added have also been told to you. ITR Filling compulsory

  1. What is the last date for filing ITR

    31 July 2022 was the last date to file ITR

  2. Can I File ITR by myself?

    Yes, you can File ITR by yourself:-
    Step: 1 Login to the e-Filing portal
    Step 2 enter the user ID (PAN) and Password
    step 3 now fill Captcha code and click ‘Login’.
    step 4 after that Click on the ‘e-File’ menu and click the ‘Income Tax Return’ link.

  3. What if I missed ITR Filling?

    You have to pay the amount with some penalty (5000)

  4. Can ITR be filed without form 16

    Yes, ITR can be filed without form 16

  5. Can I file ITR without aadhar?

    aadhar is mandatory for iTR file

  6. Can I file ITR for the last 2 years now?

    This can only be done for the two years preceding the current financial year for which the returns have to be filed

  7. What is TDS?

    collect tax from the very source of income. 

  8. Can I file ITR without a bank?

    No

  9. Is a bank statement required for ITR?

    OF COURSE, YES

  10. How many times ITR is filed in a year?

    one time per year

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