26 Apr
10 CONDITIONS WHERE INCOME TAX FILING IS COMPULSORY
10 CONDITIONS WHERE INCOME TAX
FILING IS COMPULSORY
If you are not sure if you
need to file an income tax return, then this article will help you to get
clarity.
Read on to learn more about
it.
In which case filing of
income tax return is mandatory
1. Before allowing any
deduction under Sections 80C to 80U, the total income is more than Rs 2.5 lakhs
in the financial year 2021-22.
However, for senior citizens
above 60 years of age but below 80 years of age, the limit is Rs. 3 lakhs and
for very senior citizens i.e. persons above 80 years of age Rs. 5 lakhs.
2. About the company or
firm, the return must be filed even if the company or firm has made a profit or
loss in the previous year.
3. Carrying forward the
loss.
4. Claim income tax tds
refund.
5. If a resident has
property or financial interest in an organization outside India.
6. If a resident has the
right to sign a foreign account.
7. If you are in the receipt
of income from charitable or religious purposes or a political party or
research organization or news agency or educational or medical institution or
hospital or infrastructure debt fund trust or any right or institution or
trust.
8. If the foreign company is
taking advantage of the agreement on transactions in India.
9. The following persons who
are not a company or firm are required to file a return-
· Deposits of more than one crore rupees or the
total amount deposited in one or more current accounts kept in banking company
or co-operative bank; Or
· Has spent more than two lakh rupees or the
total amount for himself or any other person to travel abroad; Or
· Has More than one lakh rupees or the total
amount has been spent on electricity consumption.
10. Further notification no.
37/2022 dated 21st April 2022, the following persons are required to file their
income tax return-
•
If its total
sales, turnover or gross receipt, as it were, is Will be more than Rs 60 lakh
in the previous year; Or
•
If the total
receipts in his business are Will be more than. Rs. 10 lakh in the previous
year; Or
•
In the case of
an individual, tax deducted at source and tax levied at source in the previous
year, Rs. 25,000 or more; However, in case of a person 60 years of age or
above, Rs. 25,000 to Rs. 50,000 or
•
Deposits in one
or more savings bank accounts of a person in the previous year are Rs.50 lakhs
or more.
Touch with experts at a reasonable price
Contact us
for your income tax filing, GST Return, Company Registration,
Santosh
Patil
Founder of
Alliance Tax Experts
ICA &
MBA
santoshpatil@alltaxfin.com
9769201316
022
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